Francisco Purchased a Machine on Jan 1, 2010 for $600,000

question 20

Multiple Choice

Francisco purchased a machine on Jan 1, 2010 for $600,000. The machine had an estimated useful life of 10 years and an estimated residual value of $10,000. The company uses straight-line depreciation and records monthly depreciation. The machine was sold on December 31, 2012 for $350,000. What was the gain/loss on disposal of the machine?

• A)$70,000 loss.
• B)$70,000 gain.
• C)$73,000 loss.
• D)$73,000 gain.

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Definitions:

Psychological Traits

Enduring characteristics of individuals, manifested in their behaviors, thoughts, and emotions, that distinguish them from others.

Constructionists

Individuals or theorists who support the concept of social constructionism, which posits that many aspects of our reality and social norms are created by societal agreements rather than inherent truths.

Social Control Agencies

Organizations or institutions tasked with enforcing norms, laws, and regulations to maintain societal order and cohesion.

Sanctions

Measures taken by a country or international body to enforce international law, often involving trade restrictions or economic measures.