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What the sale of the machine resulted in a loss of

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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.

Problem 1: The depreciation expense of the machine for 2020 using SLM was:

Option a. ? 40,700

Option b. ? 34,000

Option c. ? 28,000

Option d. ? 36,000

Problem 2: The sale of the machine resulted in a loss of:

Option a. ? 70,250

Option b. ? 25,250

Option c. ? 1,125

Option d. ? 46,125

Reference no: EM132793315

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