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Farley Mills Purchased New Machinery at the Beginning of 2012

Question 182

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Farley Mills purchased new machinery at the beginning of 2012 for $200,000. The machines had an estimated life of 5 years, an estimated residual value of $25,000, and were depreciated using the straight-line method. At the beginning of 2013, the machines were sold for $150,000 because management was unhappy with their performance.Determine the following amounts:
Farley Mills purchased new machinery at the beginning of 2012 for $200,000. The machines had an estimated life of 5 years, an estimated residual value of $25,000, and were depreciated using the straight-line method. At the beginning of 2013, the machines were sold for $150,000 because management was unhappy with their performance.Determine the following amounts:

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