disposal of fixed asset

pacifica manufacturing retired a computerized metal stamping machine on december 31, 2019. pacifica sold the machine to another company and did not replace it. the following data are available for the machine:

cost (installed), 1/1/2014 $880,000
residual value estimated on 1/1/2014 60,000
estimated life as of 1/1/2014 10 years
the machine was sold for $225,000 cash. pacifica uses the straight-line method of depreciation.

$328000

Explanation:

Given: Cost of machine= $880000

           Residual value= 60000

           Estimated life= 10 years

Company use straight line depreciation method.

∴ Depreciation =

⇒ Depreciation=

∴ Depreciation= per year.

Now, lets find the value of depreciation.

∵ Machine is sold on December 31, 2019, which is 6 years after it is installed.

∴ Depreciation value after 6 years=

Depreciation value after 6 years=

Next, finding the value of machine after 6 years of depreciation.

Value of machine after 6 years=

∴ Disposal value of machine after 6 years of usage is , however, machine was sold at $225000.

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