Mason company purchased a new machine on january 1 1999 for

Reference no: EM13586033

Mason Company purchased a new machine on January 1, 1999, for $64,000. At the time of acquisition,the machine was estimated to have a service life of eight years and a salvage value of $10,000.The company uses the double-declining balance method of calculating depreciation. Assume that themachine was sold for $39,000 cash on December 31, 2001. Calculate the gain recorded on the sale

Reference no: EM13586033

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