1 answer

Sheridan Company purchased machinery for $850000 on January 1, 2017. Straight-line depreciation has been recorded based...

Question:

Sheridan Company purchased machinery for $850000 on January 1, 2017. Straight-line depreciation has been recorded based on a
Sheridan Company purchased machinery for $850000 on January 1, 2017. Straight-line depreciation has been recorded based on a $52000 salvage value and a 5-year useful life machinery was sold on May 1, 2021 at again of $19000. How much cash did Sheridan receive from the sale of the machinery? O $125400 O $229400 O $177400 O $139400

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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