Question

Mayer Instrumentation sold a depreciable asset for cash of $300,000. The original cost of the asset was $1,200,000. Mayer recognized a gain of $45,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale

Answer 1

The Mayer only had 300,000 and the sale was 45k and then the original cost was 1.2m so they were behind on that asset