A company sold a machine that originally solution this question A company sold a machine that originally cost $40,000 for $15,000 whenaccumulated depreciation on the machine was $30,000. What is the amountof gain or loss recorded on the sale of this machine?

Step 1: Define Gain on SaleA fixed asset is said to be sold at a profit when the sale value exceeds…

Answered: A company sold a machine that…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

See similar textbooks

Similar questions

What is the amount of gain or loss recorded on the sale of this machine on these financial accounting question?
Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?
I need this question accounting question
What is the result of this disposal transaction?
Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is What is the amount of gain or loss on the sale?
A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is:
I need help to get answer
What was the amount of accumulated depreciation on the asset at the time of its sale
Gain or loss?
Tipton Manufacturing has a machine that cost $145,000 when new and has accumulated depreciation of $136,000, which it sold for $1,000. The amount of gain or loss from this sale is: O A. a gain of $8,000 B. a loss of $8,000 O C. a gain of $9,000 D. a loss of $9,000
Want Answer of the question
What is the answer?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS

A company sold a machine that originally cost $40,000 for $15,000 when accumulated depreciation on the machine was $30,000. What is the amount of gain or loss recorded on the sale of this machine?