A machine with an original cost of $6,000, an expected useful life of 5 years,...
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Accounting
A machine with an original cost of $6,000, an expected useful life of 5 years, and salvage value of $500, is depreciated by the straight line method. The machine was purchased on January 1, 2015. On July 1, 2017, the machine is sold for $2,500. The entry to record the sale will include? (Please provide an explanation of your response)
A) a loss of $500
B) a gain of $500
C) a loss of $750
D) a gain of $750
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