On July 1 2021 Fleming Company Sells Machinery for $240000

question 31

Multiple Choice

On July 1 2021 Fleming Company sells machinery for $240000.The machinery originally cost $600000 had an estimated 5-year life and an expected salvage value of $100000.The Accumulated Depreciation account had a balance of $350000 on January 1 2022 using the straight-line method.The gain or loss on disposal is

• A)$40000 gain.
• B)$10000 loss.
• C)$20000 loss.
• D)$10000 gain.

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