A company sold a vehicle that originally cost $180,000 for $85,000 when accumulated depreciation on the vehicle was $95,000. What is the amount of gain or loss recorded on the sale of this vehicle?
A company sold a vehicle that originally cost $180,000 for $85,000 when accumulated depreciation on the vehicle was $95,000. What is the amount of gain or loss recorded on the sale of this vehicle?
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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General accounting question
Transcribed Image Text:A company sold a vehicle that originally cost $180,000 for $85,000 when
accumulated depreciation on the vehicle was $95,000.
What is the amount of gain or loss recorded on the sale of this vehicle?
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