Post university acc 111 final exam all 3 parts 32845


Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts?