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Question - X Company, your client, reports on a calendar year basis. On May 1, 2017, the client bought a machine for 360,000. The machine has an estimated useful life of 10 years with no salvage value. On April 30, 2020, 45,000 was spent to overhaul the machine. The overhaul extended the life of the machine for 2 years. On September 30, 2021, the machine was sold for 180,000.
Required -
1. Find the depreciation expense of the machine for 2020 using SLM?
2. Find the sale of the machine resulted in a loss?
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