The Key Company sold a machine. The machine had accumulated depreciation of $50,000 and a salvage...

 

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The Key Company sold a machine. The machine had accumulated depreciation of $50,000 and a salvage value of $6,000. If the machine sold for $16,000 and a gain of $4,000 is recognized, the original cost of the asset is: A) $54,000 B) $62,000 C) $66,000 D) $70,000 The Key Company sold a machine. The machine had accumulated depreciation of $50,000 and a salvage value of $6,000. If the machine sold for $16,000 and a gain of $4,000 is recognized, the original cost of the asset is: A) $54,000 B) $62,000 C) $66,000 D) $70,000

Answer rating: 100% (QA)

book value Proceeds gain book value 16000 ... View the full answer