On May 1, 2008, Platypus Ltd

question 70

Multiple Choice

On May 1, 2008, Platypus Ltd.purchased a new machine for $132,000.At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated residual value of $6,000.The company has recorded monthly depreciation using the straight-line method.On March 1, 2017, the machine was sold for $18,000.The loss to be recognized from the sale is

• A)$0.
• B)$2,700.
• C)$6,000.
• D)$8,700.

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Definitions:

Internal Locus

The belief that one controls their own destiny and outcomes are directly tied to one's own behavior and actions.

External Locus

It refers to the belief that one's outcomes in life are determined by forces outside of personal control.

Personality Traits

Enduring characteristics or behaviors that define an individual's responses to various situations.

Dispositions

Inclinations or tendencies in behavior and thought patterns of individuals.