Question
Sunland's Lumber Mill sold two machines in 2020. The following information pertains to the two machines: Machine Cost Purchase Date Useful Life Salvage Value Depreciation
Sunland's Lumber Mill sold two machines in 2020. The following information pertains to the two machines:
| Machine | Cost | Purchase Date | Useful Life | Salvage Value | Depreciation Method | Date Sold | Sales Price | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| #1 | $60,000 | 7/1/16 | 5 yrs | $5,100 | Straight-line | 7/1/20 | $14,400 | ||||||||
| #2 | $55,000 | 7/1/19 | 5 yrs | $5,200 | Double-declining-balance | 12/31/20 | $33,500 |
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Frank Woods Business Accounting Volume 2
Authors: Frank Wood, Ph.D. Sangster, Alan
12th Edition
0273767925, 9780273767923
