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What was the carrying value of the asset on the date of sale

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Question - On December 31, 2018, Franz Company sold a piece of machinery it purchased on January 1, 2011, with an original cost of $450,000. The asset had a useful life of 15 years and a scrap value of $50,000. It sold the asset for $200,000 in cash. Franz recorded depreciation through December 31, 2017, using the straight-line method. What was the carrying value of the asset on the date of sale? What is the gain or loss on disposal? Enter gains as positive numbers and losses as negative numbers.

Reference no: EM133087661

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