Multiple Choice
Francisco purchased a machine on Jan 1, 2019 for $750,000. The machine had an estimated useful life of 5 years and an estimated residual value of $50,000. The company uses straight-line depreciation and records monthly depreciation. The machine was sold on December 31, 2022 for $140,000. What was the gain/loss on disposal of the machine?
A) $10,000 gain.
B) $10,000 loss.
C) $50,000 gain.
D) $50,000 loss.
Correct Answer:
Verified
Correct Answer:
Verified
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