Business, 21.04.2020 00:38 Steelo600

Green Garden Company purchased a tractor at a cost of $240,000. The tractor has an estimated residual value of $40,000 and an estimated life of 8 years, or 10,000 hours of operation. The tractor was purchased on January 1, 2015 and was used 2,400 hours in 2015 and 2,100 hours in 2016. On January 1, 2017, the company decided to sell the tractor for $140,000. Green Garden Co. uses the units-of- production method to account for the depreciation on the tractor. Based on this information, the entry to record the sale of the tractor will show:

a. No gain or loss on the sale
b. A loss of $15,000
c. A loss of $10,000
d. A gain of $30,000

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Green Garden Company purchased a tractor at a cost of $240,000. The tractor has an estimated residua...

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