uni eyPLUS Kieso, Intermedlate Accounting. m nt> Open Assignment was sold on May

Question

uni eyPLUS Kieso, Intermedlate Accounting. m nt> Open Assignment was sold on May 1, 2018 at a gain of $28500. How much cash did Coronado receive from the sale of the machinery tion has been recorded based on a $75000 salvage value and a 5-year useful ife. The machinery e Choice 186500 C336500. D s 204s00. D $261500. e Choice By accessing ehis Question Assistance, you will learn whie you earm points based on the Pont Potential Policy set by your instructor. SAVE FOR LATER Question Attempts: 0 of 2 used Earn Maximum Points available only if you answer this question correctly in your first attempt,

Explanation / Answer

$261,500 Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Cost of machinery        1,260,000.00 Salvage Value              75,000.00 Life in years                         5.00 Machine sold on 01 May 2018 Time = 4 Years 4 months] Depreciation per year = (1260,000 -75000)/5            237,000.00 Total dep till 01 May 18 = 237000*4 + 237000/12*4        1,027,000.00 Carrying amount = 1260,000 - 1027,000            233,000.00 Gain on sale              28,500.00 Cash received from sale            261,500.00

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