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University of Texas, Dallas *

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Course

2301

Subject

Accounting

Date

Nov 24, 2024

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Pages

1

Uploaded by Alex2122

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Strawbery Fields purchased a tractor at a cost of $48,000 and sold it two years later for $25,000. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $6,700 residual value. What was the gain or loss on the sale? cost : 48000 sale : 25000 accum depreciation : $48,000 - $6,700) / 5 years = $4,130 per year x 2 years = $16,520. 48000-16520= 31480 loss : 25000 -31480 = (6480)
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