Leslie Company sells business stationery imprinted with acustomer’s business nam

Question

Leslie Company sells business stationery imprinted with acustomer’s business name and address. To do this, itpurchased a printing machine costing $ 48,000 on January 1, 2004.The machine has an expected useful life of five years and anestimated salvage value of $ 3,000. Leslie Company uses straight-line depreciation for all of its depreciable assets. On August 1,2007, the manager of the print shop was persuaded to purchase a newmachine that operated more efficiently. The old machine was sold atthat time for $ 5,000.

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