The records of Pam Company showed the following about a machine on January 1, 20X8: Purchased 1/1/20X5 for $35,000 Accumulated depreciation at January 1, 20X8, $26,400 On July 1, 20X8, the machine was sold for $7,000. Depreciation for the first six months of 20X8 was $1,467. The gain or loss on disposal would be which of the following?
A) $133 loss.
B) $133 gain.
C) $1,600 loss.
D) $1,600 gain.

Question

Quizplus · Accepted Answer

Calculation: $7,000 - ($35,000 - $26,400 - $1,467) = -$133.

The Records of Pam Company Showed the Following About a Machine