Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. vandalay industries sells a machine on december 31

Vandalay Industries sells a machine on December 31, 2021 for $160,000 that was originally bought...

70.2K

Verified Solution

Question

Accounting

Vandalay Industries sells a machine on December 31, 2021 for $160,000 that was originally bought January 1, 2018 for $300,000. Vandaly uses straight line depreciation for all fixed assets, expects a useful life of 10 years for all its machines and estimates no salvage value. What was the gain or loss on the sale of the machine?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

Parameter Steel . Modulus of Elasticity 30,000,000 psi Proportional/Elastic Limit 34,000 psi Allowable Bending Stress 24,000 psi Allowable Axial...

Psychology
1.2K views

1. What is the major difference between reliability and validity? Is it possible to have a...

Biology
1.2K views

Which of the following statements about the polymerization of macromolecules is false Often the energy...

Physics
1.2K views

A mass m is attached to the end of a rod of length e The...

Basic Math
1.2K views

A system of linear equations contains two equations with negative reciprocal slopes. Select the correct...

Statistics
1.2K views

Give Practical Intepretation of the 95 confidence interval For example You might say I am...

Accounting
1.2K views

On November 1 2014, Fain Corporation paid princial and interest on a 6 month, 8%...

Accounting
1.2K views

Ch 25 Problem Set 1. lease or sell 2. make or buy...

Accounting
1.2K views

Does the concept of materiality mean that financial statements are not precise, down to the...

Accounting
1.2K views

Suppose you purchase the July 2020 call option on corn futures with a strike price...

Accounting
1.2K views

pg 7 Croy Incorporated has the following projected sales...

Accounting
1.2K views

Carter invests S50,000 in cash and Green contributes the following assets to form the Carter-Green...