How will sale be accounted for in the company

Reference no: EM132788347

Problem 1: A company bought a machine on July 1, 2009 for $50,000.At that date, it was estimated to have a useful life of five years and a residual value of $5,000 at the end of its useful life. On December 31, 2012 the company sold the machine for $25,000. How will this sale be accounted for in the company's financial statements?

Reference no: EM132788347

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