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CCC Manufacturing Inc. sold equipment that it uses in its business for $110,000. CCC bought the equipment two years ago for $15,000 and has claimed $10,000 of depreciation expense. what is the amount and character of CCC's qain or loss? $25,000 ordinary gain.

CCC Manufacturing Inc. sold equipment that it uses in its business for $110,000. CCC bought the equipment two years ago for $15,000 and has claimed $10,000 of depreciation expense. what is the amount and character of CCC's qain or loss? $25,000 ordinary gain.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CCC Manufacturing Inc. sold equipment that it uses in its business for $110,00o. CCC bought the equipment two years ago for $95,000 and has claimed $10,000 of depreciation expense. what is the amount and character of CCC's qain or loss? $25,000 ordinary gain. $25,000 capital gain. $10,000 ordinary gain and $15,000 $1231 gain. $15,000 ordinary gain and $19,000 $1234 gain.
Transcribed Image Text:CCC Manufacturing Inc. sold equipment that it uses in its business for $110,00o. CCC bought the equipment two years ago for $95,000 and has claimed $10,000 of depreciation expense. what is the amount and character of CCC's qain or loss? $25,000 ordinary gain. $25,000 capital gain. $10,000 ordinary gain and $15,000 $1231 gain. $15,000 ordinary gain and $19,000 $1234 gain.
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