## Answers

Answer

--Correct Answer = Option #3: $ 177,400 = Cash received on sale

A | Cost | $850,000 |

B | Salvage value | $52,000 |

C = A - B | Depreciable base | $798,000 |

D | Life | 5 |

E = C/D | Annual Depreciation | $159,600 |

F = 4 years + 4 months | No of year till May 1, 2021 | 4.333333333 |

G = E x F | Accumulated Depreciation at time of sale | $691,600 |

H = A - G | Book Value at the time of sale | $158,400 |

I | Gain on sale | $19,000 |

J = H+I | Cash received from sale of machinery | $177,400 |

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