Problem 3: Another Sleuth Question

1. In 1/1/ 20x1 Co. X sold a machine. On that date the Machinery account had a balance of $400,000 and a balance of $500,000 at 2/31/x4. The Machinery Accumulated Depreciation Account had beginning and ending balances of $200,000 and $250,000, respectively. During the year Co. X purchased $120,000 of machinery and had $60,000 of Deprecation Expense

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

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

• If the company experienced a loss on the sale of machinery of , how much cash was collected when the machinery was sold?