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Coronado Industries purchased machinery for $1240000 on January 1, 2017. Straight-line depreciation has been recorded based on a $88000 salvage value and a 5-year useful

image text in transcribedCoronado Industries purchased machinery for $1240000 on January 1, 2017. Straight-line depreciation has been recorded based on a $88000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $24000. How much cash did Coronado receive from the sale of the machinery? $265600. $177600. $229600. $353600.

Coronado Industries purchased machinery for $1240000 on January 1, 2017. Straight-line depreciation has been recorded based on a $88000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $24000. How much cash did Coronado receive from the sale of the machinery? O $265600. O $177600. O $229600. O $353600

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