Bobby Jenks Company Purchased Machinery for $160,000 on January 1

question 69

Multiple Choice

Bobby Jenks Company purchased machinery for $160,000 on January 1, 2004.Straight-line depreciation has been recorded based on a $10,000 salvage value and a 5-year useful life.The machinery was sold on May 1, 2008 at a gain of $3,000.How much cash did Bobby Jenks receive from the sale of the machinery?

• A)$23,000
• B)$27,000
• C)$33,000
• D)$43,000

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