Answered step-by-step4. On June 2015, Wolverine Co. Sold a machine for $ 230,000 that...
4. On June 2015, Wolverine Co. Sold a machine for $ 230,000 that was acquired three years earlier for $ 420,000. The accumulated depreciation for this machine was $ 216,000, and the original estimated salvage value was $ 60,000. Wolverine uses the straight-line method of depreciation . How much gain or loss on the disposal should Wolverine record in 2015?
A. $ 26,000 loss
B. $ 26,000 gain
C. $ 14,000 gain
D. $ 34,000 loss
Answer & Explanation
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