Multiple Choice
On January 1, 2011, Horton Inc. sells a machine for $23,000. The machine was originally purchased on January 1, 2009 for $40,000. The machine was estimated to have a useful life of 5 years and a salvage value of
$0) Horton uses straight-line depreciation. In recording this transaction:
A) a loss of $1,000 would be recorded.
B) a gain of $1,000 would be recorded.
C) a loss of $17,000 would be recorded.
D) a gain of $23,000 would be recorded.
Correct Answer:
Verified
Correct Answer:
Verified
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