Q7-56. Which of the following items is reported on the Balance Sheet? a. Accumulated depreciation c. Cost

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Q7-56. Which of the following items is reported on the Balance Sheet?

a. Accumulated depreciation

c. Cost of goods sold

b. Gain on disposal of equipment

d. Net sales revenue Use the following information to answer questions 7-57 through 7-59.

Hal Company purchased a machine for $9,500 on January 1, 20X6. The machine has been depreciated using the straight-line method over a 10-year life and $500 residual value. Hal sold the machine on January 1, 20X8, for $8,200.

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