Reference no: EM132594979
On January 1, 2019, HBW, Inc. purchased three machines for $420,000. The following information is available concerning the machines that were purchased:
Market Value
Machine A ................ $110,000
Machine B ................ $198,000
Machine C ................ $132,000
Before the property could be used, HBW, Inc. had to spend $10,000 on Machine A, $14,000 on Machine B, and $18,000 on Machine C to get the assets into working order.
Assume Machine B was assigned a $23,000 residual value, a thirty year life, and was being depreciated using the straight-line depreciation method. On August 1, 2028 Machine B was sold for $76,100.
Question 1: Calculate the amount of the loss recorded on the sale of Machine B. Do not put a minus sign in front of your answer when entering it into carmen.
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