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On March 1, 2004, Tucker Corporation purchased a new machine for $355,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $19,000. The company has recorded monthly depreciation using the straight-line method. On July 1, 2013, the machine was sold for $45,000. What gain should be recognized from the sale of the machine?

a) $21,333

b) $3,600

c) $2,800

d) $19,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947300

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