Francisco purchased a machine on Jan 1,2016 for $600,000.The machine had an estimated useful life of 10 years and an estimated residual value of $10,000.The company uses straight-line depreciation and records monthly depreciation.The machine was sold on December 31,2021 for $350,000.What was the gain/loss on disposal of the machine?
A) $104,000 loss.
B) $104,000 gain.
C) $110,000 gain.
D) $110,000 loss.
Correct Answer:
Verified
Q104: Rene exchanged similar assets with Simone Company
Q107: Explain how non-monetary transactions are accounted for.
Q110: Ontario Ltd.purchased a machine on Jan 1,2016
Q111: Ronald exchanged similar assets with Silver Company
Q112: What does a "gain on disposal of
Q115: Mathew Corp exchanged similar assets with Simone
Q115: Polar Sky Railway (PSR),a transportation company,has substantial
Q118: What accounting issue arises for recognizing non-monetary
Q119: Peter exchanged similar assets with Sunshine Company
Q119: Francisco purchased a machine on Jan 1,2016
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents