Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machinewas purchased for R.O:120,000on January 1, 20o07, and was depreciated on a straight-line basis for 1o years with no residual value. f the machine was soldfor R.O 33.000, what was the amount of the gain or loss recorded at the time of the sale?Select oneO a RO 69,00.b. RO 27.000.O CRO33,00.O d RO 81,00.

Annual Depreciation = (Cost of the assets - Salvage value) / life of the assets = (120000 - 0) / 10…

Answered: Mazaya Company has decided to sell one…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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This are the correction answer for that problem (a) is Depreciation Expense 200,000 (b) is Loss on sale 596,875 how to come up to this answer what is the solution and formula ?

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