Caribbean Metals purchased machinery for $160,000 on January 1, 2018, with a residual value of $10,000 and a 5-year estimated useful life

Accounting Apr 22, 2023

Caribbean Metals purchased machinery for $160,000 on January 1, 2018, with a residual value of $10,000 and a 5-year estimated useful life. The machinery was sold on May 1, 2022 at a gain of $3,000. Straight line depreciation applies. How much cash did Caribbean Metals receive from the sale of the machinery?