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Haystack Company purchased a machine on January 1, 2015 for $48,000. The company estimates that...

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Question

Accounting

Haystack Company purchased a machine on January 1, 2015 for $48,000. The company estimates that the machine will have a $4,000 salvage value at the end of its 10 year useful life. On September 30, 2019 the machine was sold for a gain of $3,500. What must have been the selling price of the machine?

A.

$30,600
B.

$23,600
C.

$28,700
D.

$35,000

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