Sunland Company purchased machinery for $861000 on January 1, 2014. Straight-line depreciation has been recorded based...
Sunland Company purchased machinery for $861000 on January 1, 2014. Straight-line depreciation has been recorded based on a $50100 salvage value and a 5-year useful life. The machinery was sold on May 1, 2018 at a gain of $14100. How much cash did Sunland receive from the sale of the machinery?
$144120
$122220
$172320
$222420
Homework Answers
$172,320
Depreciation = cost - salvage/useful life
= (861000 - 50100)/5
= 810900/5
= $162180
Machine used from Jan 1, 2014 to Jan 1, 2018 i.e, 4 years
- So, depreciation for these 4 years = 4 * 162180 = $648720
- Depreciation from in 2018 i.e, used only 4 months
= 162180 * 4/12 = $54060
Therefore total depreciation = 648720 + 54060 = $702780
Book value of asset at the time of sale is
= 861000 - 702780
= $158220
Given that it was sold at a gain of $14100
So, the total cash received at the time of sale
= 158220 + 14100
= $172320
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