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KatRina [158]
3 years ago
5

Waterway Industries purchased machinery for $905000 on January 1, 2017. Straight-line depreciation has been recorded based on a

$52000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $13000. How much cash did Waterway receive from the sale of the machinery?
Business
1 answer:
BlackZzzverrR [31]3 years ago
4 0

Answer:

$ 178,733  

Explanation:

From January 2017 when the machinery was acquired till May 1 2021  when it disposed of, depreciation would have been charged for full years 2017,2018,2019 and 2020 while 2021 depreciation would only be for 4 months.

Annual depreciation=cost-salvage value/ useful life

annual depreciation=($905000-$52000)/5=$170,600  

depreciation for 4 years=$170,600*4=$682,400

depreciation for 4 months=$170,600*4/12=$56,867  

accumulated depreciation=$682,400+$56,867=$739,267  

carrying value=cost-accumulated depreciation= $905000- $739,267 =$165,733  

gain on disposal=cash proceeds-carrying value

$13000=cash proceeds-$165,733  

cash proceeds=$165,733 +$13000=$ 178,733  

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