Rigorous Company purchased a machine on July 1, 2017 for 6,000,000. The machine has an estimated useful life of five years and residual value of 800,000. The machine is being depreciated by the 150% declining balance method. What amount should be recorded as depreciation expense on the machine for 2018?
Rigorous Company purchased a machine on July 1, 2017 for 6,000,000. The machine has an estimated useful life of five years and residual value of 800,000. The machine is being
What amount should be recorded as depreciation expense on the machine for 2018?
20. Ambitious Company showed the following schedule of depreciable assets on January 1, 2017.
Asset Cost Accumulated Acquisition Residual
Depreciation
A 4,000,000 2,560,000 2015 400,000
B 2,000,000 1,440,000 2014 200,000
C 2,800,000 1,344,000 2014 560,000
The useful life of each asset is 5 years. The entity takes a full depreciation in the year of acquisition and No depreciation in the year of disposition.
Asset C was sold for 1,700,000 on June 30, 2017.
Asset C was depreciated using the
What is the gain on sale of Asset C?
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