On January 1, 2014, Horton Inc. sells a machine for $25,400. The machine was originally...
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Accounting
On January 1, 2014, Horton Inc. sells a machine for $25,400.
The machine was originally purchased on January 1, 2012 for $45,700.
The machine was estimated to have a useful life of 5 years and a salvage value of $0.
Horton uses straight-line depreciation. In recording this transaction: a loss of $20,300 would be recorded.
a loss of $2,020 would be recorded. a gain of $25,400 would be recorded. a gain of $2,020 would be recorded.
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