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Goodson Company purchased machinery for $640,000 on January 1, 2016. Straight-line depreciation has been recorded...

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Accounting

Goodson Company purchased machinery for $640,000 on January 1, 2016. Straight-line depreciation has been recorded based on a $40,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2020 at a gain of $12,000. How much cash did Goodson receive from the sale of the machinery?

a.

$108,000.

b.

$92,000.

c.

$132,000.

d.

$172,000.

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