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In December of 20x4, Atlas Chemical Corporation sold a forklift for $9,255. The machine was purchased in 20x1 for $50,000. Since then $38,845 in depreciation

In December of 20x4, Atlas Chemical Corporation sold a forklift for $9,255. The machine was purchased in 20x1 for $50,000. Since then $38,845 in depreciation has been recorded on the forklift.

Exercise 16-32 Part 1

Required: 1. What was the forklifts book value at the time of sale?

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