On January 1, 2017, Exclusive Manufacturing purchased a machine for $630,000 that it expected to have a
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On January 1, 2017, Exclusive Manufacturing purchased a machine for $630,000 that it expected to have a useful life of five years. The company estimated that the residual value of the machine was $30,000. Exclusive Manufacturing used the machine for two years and sold it on January 1, 2019, for $320,000. As of December 31, 2018, the accumulated depreciation on the machine was $240,000.
Calculate the gain or loss on the sale of the machinery.
Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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