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Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016, Sheridan Corporation acqYour answer is correct. What is the amount of the gain or loss that would arise when a quarter of the equipment was sold on J

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Answer #1

(c) Depreciation expense per anumn before sale = $ 9,040

Depreciation expense per year post sale (3/4 quater) = $ 9,040 /4 * 3

= $ 6,780

Depreciation for January 1 ,2018 to October 31,2018 = Depreciation expense from Jan 1 * 10 months / 12 months

= $ 6,780 * 10/12

= $ 5,650

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