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19. Fleming Company uses accrual accounting and straight-line depreciation. On July 1, 2021, Fleming Company sold machinery for $120,000. The machinery originally cost $300,000, had
19. Fleming Company uses accrual accounting and straight-line depreciation. On July 1, 2021, Fleming Company sold machinery for $120,000. The machinery originally cost $300,000, had an estimated 5-year life and an expected salvage value of $50,000. The Accumulated Depreciation account had a balance of $200,000 on July 1, 2021. The gain or loss on disposal is a. $20,000 gain. b. $5,000 loss. c. $10,000 loss. d. $5,000 gain. collectible account
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