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Peterson company purchased machinery for 800,000 on January 1, 2012. Straight-line depreciation has been recorded...

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Accounting

Peterson company purchased machinery for 800,000 on January 1, 2012. Straight-line depreciation has been recorded based on a 50,000 salvage value and a 5-year useful life. The machinery sold on may 1, 2016, at a gain of 15,000. How much cash did Peterson receive from the sale of machinery? a) 115,000 b) 135,000 c) 165,000 d) 215,000

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