Solved: On 1116 volcano sold the machine for 40000 a gain of 20000, Accounting Basics

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On 1116 volcano sold the machine for 40000 a gain of 20000

Question - The Volcano Company purchases a machine on 1/1/12 for $100,000. The Straight-Line method of depreciation was used and salvage value was estimated to be zero. On 1/1/16 Volcano sold the machine for $40,000. A gain of $20,000 was recorded. What was the original estimated life of the machine?

A. 4 years

B. 5 years

C. 6 years

D. 8 years

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Accounting Basics: On 1116 volcano sold the machine for 40000 a gain of 20000

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Accounting Basics: On 1116 volcano sold the machine for 40000 a gain of 20000

Reference No:- TGS02868583

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