Alby Ltd purchased a machine for $32 000 on 1 January 2015.The machine was expected to have a useful life of four years.The financial year ends on 31 December.The straight-line method of depreciation is employed.
-Alby Ltd sold the machine on 1 January 2018 for $14 000.What was the gain or loss on sale?
A) Gain $14 000
B) Gain $6000
C) Loss $6000
D) None of the answers provided
Correct Answer:
Verified
Q33: When the accumulated depreciation is deducted from
Q56: XYZ invested $1 million with a bank
Q57: If a company neglects to make an
Q58: Jog Ltd employs a perpetual inventory
Q60: The net profit reported on the profit
Q62: Alby Ltd purchased a machine for $32
Q63: A machine purchased on 1 July 2016
Q64: A machine purchased on 1 July 2016
Q65: Alby Ltd purchased a machine for $32
Q66: Alby Ltd purchased a machine for $32
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