Marigold Corp. purchased machinery for $1232000 on January 1, 2017. Straight-line depreciation has been recorded based on a $86000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $21500. How much cash did Marigold receive from the sale of the machinery

$260,300

Explanation:

Depreciation per year was = (1,232,000 - 86,000) / 5

= $229,200

In 2021 May 1, 4 years and 4 months would have elapsed. Depreciation would be;

= 229,200  * 4.3333

= $993,200‬

Net book value on date of sale is;

= 1,232,000 - 993,200

= $238,800

If Gain of $21,500 was realized, cash price was;

= 238,800 + 21,500

= $260,300

it should be

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