Current Attempt in Progress On May 1, 2021, Waterway Company sells office furniture for $301200 cash. The office furniture originally cost $756400 when purchased on January 1, 2014. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $83800. What gain should be recognized on the sale? (Hint: Use 7.333333 for years used in calculation.) O $40540. $38040. $22420. O $76080.

On May 1.2021. Waterway Compary sells office furniture for $301200 cash The office furniture originally cost $756400 when purchased on January 1,2014. Depreciation is recorded by the straight-line method over 10 years with a salvage value of 583800 What gain should be recognized on the sale? (Hint: Use 7,333333 for years used in calculation.) $40540. $38040. $22420. $76080