ACCTSol97.pdf - 108 Award 1.00 point Tallers Company...

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108. Award: 1.00 point 109. Award: 1.00 point Tallers Company purchased a new machine on Jan 1, 1984 for $33,000. At the time of acquisition, the machine was estimated to have a useful life of 10 years and an estimated value at the end of the ten years of $3,000. The company has recorded monthly depreciation using the straight-line method. On July 1, 1993, when the net book value of the machine was the machine was $4,500, it was sold for $4,000. The amount which should be recognized from the sale of the machine is: $0 Loss of $500 Gain of $1,000 Gain of $1,500 None of the above Bongo had constructed a small building for $364,000 on January 1, 1998. When the building was built it was expected to be used for 8 years and then be sold for $44,000. At the beginning of January, 2000, a $116,000 addition was made to the building so it would be useful until December 31, 2009 at which time it is expected to be sold for $20,000. The depreciation expense for 2000
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