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In: Accounting
Problem 3: Another Sleuth Question In 1/1/ 20x1 Co. X sold a machine. On that date...
Problem 3: Another Sleuth Question
- In 1/1/ 20x1 Co. X sold a machine. On that date the “Machinery” account had a balance of $400,000 and a balance of $500,000 at 2/31/x4. The Machinery Accumulated Depreciation Account had beginning and ending balances of $200,000 and $250,000, respectively. During the year Co. X purchased $120,000 of machinery and had $60,000 of Deprecation Expense
- How much of Machinery Cost was written off on the sale of Machinery?
- How much of Machinery Cost was written off on the sale of Machinery?
- If the company experienced a loss on the sale of machinery of , how much cash was collected when the machinery was sold?
Solutions
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