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Sears corporation, which has a calendar year accounting period, purchased a new machine for $40,000 on April 1, 2007. At that time Sears expected to use the machine for ten years and then sell it for $10,000. The machine was sold for $24,500 on September 30, 2012. Assuming straight-line depreciation, the gain to be recognized at the time of sale would be:

a) $3,000

b) $2,000

c) $1,000

d) $0

e) None of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M952117

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