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A company purchased a machine for $250,000 on 6/1/2021. As of today, the accumulated depreciation on the machine is $190,000 and it is sold for
A company purchased a machine for $250,000 on 6/1/2021. As of today, the accumulated depreciation on the machine is $190,000 and it is sold for a cash proceed. Which of the following statements is TRUE regarding the disposal of the machine? A. It decreases total assets. B. It increases net assets. C. A gain or loss on the disposal can occur. D. There is no effect on net income.
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