Question
Lincoln Corp. has bought a machine on Jan 1, 2030 for 89.It sold it on December 31, 2033 for 3.The machine is linearly depreciated over
Lincoln Corp. has bought a machine on Jan 1, 2030 for 89.It sold it on December 31, 2033 for 3.The machine is linearly depreciated over 18 years. The residual value is 10% of the purchase price.
Calculate the gain or the loss associated with the second transaction? Indicate a loss with a negative number (e.g., - 10.5)
Why the answer is -68? I want to know the steps, thank you!
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
