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141. On May 1, 2011, Pinkley Company sells office furniture for 90,000 cash. The office...

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Accounting

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141. On May 1, 2011, Pinkley Company sells office furniture for 90,000 cash. The office furniture originally cost 225,000 when purchased on January 1, 2004. Depreciation is recorded by the straight-line method over 10 years with a residual value of 22,500. What I gain should be recognized on the sale? a. 6,750. b. 13,500. c. 14,250. d. 27,000 Ans: B. SO: 6, Bloom: AP. Difficulty. Hard, Min: 7. AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC. Problem Solving, IMA Business Economics

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