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The company has been depreciating a machine using straight line deprecation. COST Residual Value Useful life # Years of full year depreciation Date of Sale
The company has been depreciating a machine using straight line deprecation. COST Residual Value Useful life # Years of full year depreciation Date of Sale Partial year dep The machine was sold for DATA $ 60,000 $ 5,000 10 4 6/30 ? $ 30,000 Which of the following statements are correct (select only true statements, incorrect choices are penalized)? On 6/30 they should record partial year deprecation of $2,750. They should record neither a gain or a loss The book value of the asset at the beginning of the year of disposition equals $33,000. On 6/30 they should record partial year deprecation of $3,000. The book value of the asset at the beginning of the year of disposition equals $38,000. They should record a loss on the sale of the machine of $5,250. They should record a gain on the sale of the machine of $5,250
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