On january 1 2004 mill corporation purchased for 304000, Ask an Expert

Accounting

On January 1, 2004, Mill Corporation purchased for $304,000, equipment having a useful life of ten years and an estimated salvage value of $16,000. Mill has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2012, the equipment was sold for $56,000. As a result of this sale, Mill should recognize a gain of:

A) $0.

B) $56,000.

C) $27,200.

D) $11,200.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M966942

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