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Machinery was purchased on October 1, 2014. The estimated useful life of the machinery was 8 years and residual value was estimated to be $2,000.
Machinery was purchased on October 1, 2014. The estimated useful life of the machinery was 8 years and residual value was estimated to be $2,000. Double-declining balance method was used with half-year convention. Depreciation expense for the year ended December 31, 2014 was $2,800. The machinery was sold on December 31, 2014 for $19,830. The sale of the machinery resulted in a gain of $230. What was the original cost of the machinery?
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