On July 1, 2021, Fleming Company Sells Machinery for $240,000

question 16

Multiple Choice

On July 1, 2021, Fleming Company sells machinery for $240,000.The machinery originally cost $600,000, had an estimated 5-year life and an expected salvage value of $100,000.The Accumulated Depreciation account had a balance of $350,000 on January 1, 2021 using the straight-line method.The gain or loss on disposal is

• A)$40,000 gain.
• B)$10,000 loss.
• C)$20,000 loss.
• D)$10,000 gain.

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Definitions:

Morally Correct

Pertains to actions or behaviors that are considered right, ethical, and acceptable within the framework of a particular moral or ethical system.

American Culture

A complex blend of values, traditions, and practices influenced by diverse ethnic groups, historically shaped by immigration and innovation.

Traditions

The transmission of customs, beliefs, and cultural practices from one generation to another, often serving as a cornerstone of societal continuity and identity.

Memory Impairment

A decline in the ability to remember events, information, or how to perform tasks, which can be temporary or permanent.