Questions Marigot Corporation bought a machine on June 1, 2016, for $33,700, f.ob. the place of manufacture. Freight costs were $500, and $700 was spent to stall it. The machines de was estimated at 10 years, with a residual value of $2,200, while the machine's physical life was estimated at 11 years, with no residus value On June 1, 2017, a part that was designed to reduce the machine's operating costs was added to the machine for a cost of $1.710, on June 1, 2020, the company bought a new machine with greater capacity for a cost of $34,400, delivered. A trade-in value was received on the old machine equal to its fair value of $20,300. The cost of removing the old machine from the plant was $100, and the cost of Installing the new machine was $1,400. It was estimated that the new machine would have a useful life of 10 years, with a dual value of 0. (a) Assuming that depreciation is calculated on the straight-line basis, determine the amount of any gain or loss on the disposal of the first machine on June 1, 2020, and the amount of depreciation that should be provided during the company's current fiscal year, which begins on June 1, 2020. The financial statements are prepared under tres. (Round answers too decimal places, c.0.5,275.) on the disposal of the first machine on June 1, 2020 Depreciation for the year beginning Rune 1, 2020 Attempts of I used SEIT