Online Test Window- Google Chrometests.mettl.com/test-window/f55ac827#/testWindow/0/17/1EYAccounting Assessment OTotal 00:54:42Finish TestSection 1 of 1Section #1 v1011121314 1516 17191818 of 45All43Question # 18G RevisitChoose the best optionAn entity purchased a machine for 700,000. The machine was depreciated using the straight-linemethod and had a residual value of 40,000, The machine was sold on December 31, 20X1. Theaccumulated depreciation related to the machine was 495,000 on that date. The entity reported aO 280,000O 240,000O 205,000gain on the sale of the machine of 75,000 in its income statement for the fiscal year ending December31, 20X1. The selling price of the machine wasO 115,000Prev QuestenNext Question+91-82878-03040Zaineh | Support +1-650-924-9221metti4:13 PM1/16/2021Type here to search20

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Question # 18 G Revisit Choose the best option An entity purchased a machine for 700,000. The machine was depreciated using the straight-line method and had a residual value of 40,000; The machine was sold on December 31, 20X1. The O 280,000 O 240,000 accumulated depreciation related to the machine was 495,000 on that date. The entity reported a gain on the sale of the machine of 75,000 in its income statement for the fiscal year ending December O 205.000 31, 20X1. The selling price of the machine was O 115,000

Question # 18 G Revisit Choose the best option An entity purchased a machine for 700,000. The machine was depreciated using the straight-line method and had a residual value of 40,000; The machine was sold on December 31, 20X1. The O 280,000 O 240,000 accumulated depreciation related to the machine was 495,000 on that date. The entity reported a gain on the sale of the machine of 75,000 in its income statement for the fiscal year ending December O 205.000 31, 20X1. The selling price of the machine was O 115,000

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 4.7C

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Don Williams is General manager of Carib Systems who received a proposal to replace the Version 1 with Version 2 Point of Sales (POS) equipment at the company. Williams collects data about the proposal on Version 1 and Version 2 as follows: Version 1 POS Version 2 POSOriginal cost $425,000 $170,000Useful life 5 years 3 yearsCurrent age 2 years 0 yearsRemaining useful life 3 years 3 yearsAccumulated depreciation…
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