1. On 1/1/20x4 Co. Xs Machinery account had a balance of $400,000. The balance at 12/31/20x4 was $500,000. The balances in the Machinery Accumulated Depreciation Account had beginning and ending balances of $200,000 and $250,000, respectively (i.e. at 1/1/20x4 and 12/31/20x4) . During the year Co. X purchased $120,000 of machinery and had $60,000 of Deprecation Expense. The Machinery was sold at a loss of $5,000.

• How much of Machinery Cost was written off on the sale of Machinery?

• How much Accumulated Depreciation was written off on the sale of Machinery?

• How much cash was collected when the machinery was sold?