Multiple Choice
On January 1, 2013, VW purchased a new machine for $30,000. The estimated useful life was 10 years with an estimated residual value of $6,000. Straight-line amortization is used and is computed to the nearest month. On July 1, 2021, the machine was sold for $9,000 cash. The gain (loss) on disposal was:
A) $1,000 gain.
B) $1,200 gain.
C) $1,800 gain.
D) $3,000 loss.
Correct Answer:
Verified
Correct Answer:
Verified
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