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Cranston Instrumentation sold a depreciable asset for cash of $150,000. The original cost of the asset was $600,000. Cranston recognized a gain of...

Cranston Instrumentation sold a depreciable asset for cash of $150,000. The original cost of the asset was $600,000. Cranston recognized a gain of $22,500 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale?

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8490327.xlsx

Calculation of Accumulated Depreciation
Particulars
Cost of the Asset
Add gain on sale of the Asset
Less Cash Received on the sale
Accumulated Depreciation Amount $
600,000
22,500
-150,000
472,500...

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