Martinez co. Sells a machine that cost $10,000 with accumulated depreciation of $8,000 for $2,000 cash. The entry to record this transaction will recognize a gain or loss of how much?.

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23-03-2022
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Martinez co. Sells a machine that cost $10,000 with accumulated depreciation of $8,000 for $2,000 cash. The entry to record this transaction will recognize a gain or loss of how much?.

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ewomazinoade ewomazinoade · Answer 1 · 2022-03-30T10:59:05+02:00

Based on the book value of the machine and the cash for which the machine was sold, no gain or loss would be recognised.

What is the gain or loss on the sale of the machine?

Depreciation is the process of expensing the cost of purchasing an asset. Depreciation declines the carrying value of the machine.

A profit would be recorded if the cash the machine was sold is greater than the book value of the machine. If this is not the case, a loss would be recognised.

Book value = $10000 - $8,000 = $2000

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