Question
On January 1, 2016 Misty Company sold their company food-truck for $26,800 and it had been used for 4 years. The food-truck had cost Misty
On January 1, 2016 Misty Company sold their company food-truck for $26,800 and it had been used for 4 years. The food-truck had cost Misty Company $58,000, and had an accumulated depreciation of $28,000. What will Misty Company record on their income statement for the sale of the machine?
| a. | Sales Revenue of $26,800. |
| b. | Gain of $3,200. |
| c. | Loss of $3,200. |
| d. | Gain of $26,800. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Electronic Health Records An Audit And Internal Control Guide
Authors: Rebecca S. Busch
1st Edition
0470258209, 978-0470258200
