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Problem 3: Another Sleuth Question In 1/1/ 20x1 Co. X sold a machine. On that date the...

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Accounting

Problem 3: Another SleuthQuestion

  1. In 1/1/ 20x1 Co. X sold a machine. On that date the “Machinery”account had a balance of $400,000 and a balance of $500,000 at2/31/x4. The Machinery Accumulated Depreciation Account hadbeginning and ending balances of $200,000 and $250,000,respectively. During the year Co. X purchased $120,000 of machineryand had $60,000 of Deprecation Expense
  • How much of Machinery Cost was written off on the sale ofMachinery?

  • How much of Machinery Cost was written off on the sale ofMachinery?
  • If the company experienced a loss on the sale of machinery of ,how much cash was collected when the machinery wassold?                    

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