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Verizon [17]
3 years ago
14

Nicklaus company has decided to sell one of its old machines on june 30, 2013. the machine was purchased for $160,000 on january

1, 2009, and was depreciated on a straight-line basis for 10 years with no salvage value. if the machine was sold for $52,000, what was the amount of the gain or loss recorded at the time of the sale?
Business
1 answer:
Bingel [31]3 years ago
5 0

Straight line depreciation (D) is computed as follows:

D= (purchase cost of an asset- its expected salvage value)/ the number of years of its expected useful life.

In the case of the old machine sold by Nicklaus Company, depreciation (D) in dollars is:

D = (160,000-0)/10

D= 160,000/10

D= 16,000 per year

Since the machine was bought on June 30, 2003, and was sold on January 1, 2009, its total depreciation value (TD) for the 6 and half years that it was used is:

TD = 16,000 x 6.5

TD= 104,000

Cost of the asset on time of sale, therefore, is 160,000-104,000=56,000

<span>Since the company sold it at only $52,000, recorded loss will be $4,000 (56,000-52,000). </span>

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