Begonia Co. purchased a new machine on January 1, 2017 for $5,871,900. At the time, management believed that the machine would last for ten years and that it could be sold for $293,600. On December 31, 2022, the company sold the equipment for $2,677,584.

Assuming Begonia Co. uses straight line depreciation, how much of a gain did it record at the time of the sale?

Answer rating: 100% (QA)

Using straightline depreciation the annual depreciation expense can be calc... View the full answer