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Social ScienceWaterway Industries purchased machinery for $1129000 on January 1, 2017. Straight-line depreciation has been recorded based on a $70000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $21500. How much cash did Waterway receive from the sale of the machinery?
Waterway Industries purchased machinery for $1129000 on January 1, 2017. Straight-line depreciation has been recorded based on a $70000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $21500. How much cash did Waterway receive from the sale of the machinery?
Expert Answer
Depreciation expense of every year is calculated as follows:
Depreciation expense from 2017 to 2020:
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(Cost -Salvage value) Straight line depreciation Useful life in years $1,129, 000-$70, 000 5 $211,800 Accumulated depreciation $211,800 x 4 $847,200 4 Depreciation $211,800 x - 12 $70,600
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