Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machinewas purchased for R.O:120,000 on January 1, 20o07, and was depreciated on a straight-line basis for 1o years with no residual value. f the machine was sold for R.O 33.000, what was the amount of the gain or loss recorded at the time of the sale? Select one O a RO 69,00. b. RO 27.000. O CRO33,00. O d RO 81,00.
Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machinewas purchased for R.O:120,000 on January 1, 20o07, and was depreciated on a straight-line basis for 1o years with no residual value. f the machine was sold for R.O 33.000, what was the amount of the gain or loss recorded at the time of the sale? Select one O a RO 69,00. b. RO 27.000. O CRO33,00. O d RO 81,00.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 11MCQ
Related questions
Question
![Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machinewas purchased for R.O:120,000
on January 1, 20o07, and was depreciated on a straight-line basis for 1o years with no residual value. f the machine was sold
for R.O 33.000, what was the amount of the gain or loss recorded at the time of the sale?
Select one
O a RO 69,00.
b. RO 27.000.
O CRO33,00.
O d RO 81,00.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6277aa77-d04f-4b62-9836-dbd398a864de%2Fcecdd258-e32c-491d-8290-551a60f03adf%2Fm69b01_processed.png&w=3840&q=75)
Transcribed Image Text:Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machinewas purchased for R.O:120,000
on January 1, 20o07, and was depreciated on a straight-line basis for 1o years with no residual value. f the machine was sold
for R.O 33.000, what was the amount of the gain or loss recorded at the time of the sale?
Select one
O a RO 69,00.
b. RO 27.000.
O CRO33,00.
O d RO 81,00.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College