Question: An entity purchased a machine for 700,000. The machine was depreciated using the straight-line method and had a residual value of 40,000; The machine was

An entity purchased a machine for 700,000. The machine was depreciated using the straight-line method and had a residual value of 40,000; The machine was sold on December 31, 20X1. The accumulated depreciation related to the machine was 495,000 on that date. The entity reported a gain on the sale of the machine of 75,000 in its income statement for the fiscal year ending December 31, 20X1. The selling price of the machine was O280,000 240,000 205,000 115,000

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