A manufacturing company sold its machinery for $78,500. The machinery originally cost $820,000 and had accumulated depreciation of $695,000 recorded through the date of disposal. What gain or loss did the manufacturing company record when it sold the machinery?
A manufacturing company sold its machinery for $78,500. The machinery originally cost $820,000 and had accumulated depreciation of $695,000 recorded through the date of disposal. What gain or loss did the manufacturing company record when it sold the machinery?
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 59P
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Transcribed Image Text:A manufacturing company sold its machinery for $78,500. The
machinery originally cost $820,000 and had accumulated
depreciation of $695,000 recorded through the date of disposal.
What gain or loss did the manufacturing company record when it
sold the machinery?
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