A copy machine cost $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center sold the machine for $1,000. What is the result of this disposal transaction? A. Loss of $44,000 B. Gain of $1,000 C. Loss of $1,000 D. No gain or loss

A copy machine cost $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center sold the machine for $1,000. What is the result of this disposal transaction? A. Loss of $44,000 B. Gain of $1,000 C. Loss of $1,000 D. No gain or loss

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.3C: Effect of depreciation on net income Einstein Construction Co. specializes in building replicas of...

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What is the result of this disposal transaction?

A copy machine cost $45,000 when new and has
accumulated depreciation of $44,000. Suppose Print
and Photo Center sold the machine for $1,000. What
is the result of this disposal transaction?
A. Loss of $44,000
B. Gain of $1,000
C. Loss of $1,000
D. No gain or loss

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Solve this one
How do we calculate the Amount of Loss?
N1.