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Adelphi Company purchased a machine on January 1, 2017, for $50,000. The machine was estimated to...

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Accounting

Adelphi Company purchased a machine on January 1, 2017, for$50,000. The machine was estimated to have a service life of tenyears with an estimated residual value of $5,000. Adelphi sold themachine on January 1, 2021 for $27,000. Adelphi uses the doubledeclining method for depreciation. Using this information, how muchis the gain or (loss) for the equipment sale entry made on January1, 2021. Enter a loss as a negative number.

Answer & Explanation Solved by verified expert
3.5 Ratings (534 Votes)
Answer Gain on sale of equipment 6520 Explanation Double Declining balance depreciation is calculated using the following formula Depreciation Depreciation    See Answer
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