Solved: Hill sold the machine on january 1 2018 for 8400 the book, Accounting Basics

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Hill sold the machine on january 1 2018 for 8400 the book

Question - Hill Company purchased a machine for $11,000 on January 1, 2016. The machine has been depreciated using the straight-line method over a 5-year life with a $1,400 residual value. Hill sold the machine on January 1, 2018, for $8,400. The book value as of December 31, 2017 is $7,160. What gain or loss should Hill record on the sale?

A. Loss, $1 240

B. Gain, $1,200

C. Gain, $1,240

D. Loss, $680

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Accounting Basics: Hill sold the machine on january 1 2018 for 8400 the book

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Accounting Basics: Hill sold the machine on january 1 2018 for 8400 the book

Reference No:- TGS02847400

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