A machine costing $350,000 has a salvage value of $30,000 and a useful life of...
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A machine costing $350,000 has a salvage value of $30,000 and a useful life of 10 years. They expect the machine to produce 500,000 units. In year 1 it produced 40,000 and in year 2 30,000. The Company uses the straight-line method and sold for machine for $280,000 after year 2. What is the gain or loss on sale?
| 24,000 Gain | ||
| 24,000 Loss | ||
| 6,000 Gain | ||
| 6,000 Loss |
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