Schuler Company had machinery that had originally cost $82,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $6,000. Answer each of the following independent questions:
Required:
Determine the financial statement effect:
a. If the company sold the machinery for $35,000.
b. If the company sold the machinery for $16,000.

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The Answer of Schuler Company had machinery that had originally cost $82,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $6,000. Answer each of the following independent questions:
Required:
Determine the financial statement effect:
a. If the company sold the machinery for $35,000.
b. If the company sold the machinery for $16,000.

Schuler Company Had Machinery That Had Originally Cost $82,000