On January 1, 2016, Horton Inc. sells a machine for $24,600. The machine was originally...
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Accounting
On January 1, 2016, Horton Inc. sells a machine for $24,600. The machine was originally purchased on January 1, 2014 for $43,700. The machine was estimated to have a useful life of 5 years and a residual value of $0. Horton uses straight-line depreciation. In recording this transaction:
1.a gain of $24,600 would be recorded.
2.a gain of $1,620 would be recorded.
3.a loss of $19,100 would be recorded.
4.a loss of $1,620 would be recorded.
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