On May 31, 2022, B. Kwon Company sold a piece of machinery it had purchased...
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Accounting
On May 31, 2022, B. Kwon Company sold a piece of machinery it had purchased on January1, 2015, with an original cost of $368,400. The asset had a useful life of 18 years and a scrap value of $66,000. It sold the asset for $260,000 in cash. Kwon recorded depreciation through December 31, 2021, using the straight-line method.
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