The following information is available for snowstorm transIT company: - ProProfs Discuss
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The following information is available for Snowstorm Transit Company: A machine is purchased on January 1, 2005, for $40,000 The machines residual value on January 1, 2005, is estimated to be $5,000 The machines estimated useful life is five years Using the information above, if Snowstorm Transit has been using the double-declining-balance depreciation method and sells the asset on January 1, 2007, for $26,000, it will have a:



A. $11,600 gain
B. $2,000 gain
C. $8,400 gain
D. No gain or loss

This question is part of F7
Asked by Amphib, Last updated: Dec 26, 2018

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1 Answer

John Smith

John Smith

Answered on Dec 14, 2016

$11,600 gain
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