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Sears corporation_straight-line depreciation

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Question;Sears;corporation, which has a calendar year accounting period, purchased a new;machine for $40,000 on April 1, 2007. At that time Sears expected to use the;machine for ten years and then sell it for $10,000. The machine was sold for;$24,500 on September 30, 2012. Assuming straight-line depreciation, the gain to;be recognized at the time of sale would be;a) $3,000;b) $2,000;c) $1,000;d) $0;e) None of the above

 

Paper#38299 | Written in 18-Jul-2015

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