On August 1, 2022, Fletcher Corporation sells machinery for $180,000. The machinery originally cost $500,000, had an estimated 5-year life, and an expected salvage value of $50,000. The Accumulated Depreciation account had a balance of $325,000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is__.

On August 1, 2022, Fletcher Corporation sells machinery for $180,000. The machinery originally cost $500,000, had an estimated 5-year life, and an expected salvage value of $50,000. The Accumulated Depreciation account had a balance of $325,000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is__.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 32CE

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The gain or loss on disposal is?
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