On January 1,2014,Horton Inc

question 138

Multiple Choice

On January 1,2014,Horton Inc.sells a machine for $23,000.The machine was originally purchased on January 1,2012 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.

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