On January 1, a company sold a machine for $5,000 that It had used for several years. The machine cost $11,000, and had accumulated depreciation of $4,500 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine for the year ended December 31? Oa. gain of $5,000 Ob. loss of $6,500 Oc. gain of $1,500 Od. loss of $1,500
On January 1, a company sold a machine for $5,000 that It had used for several years. The machine cost $11,000, and had accumulated depreciation of $4,500 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine for the year ended December 31? Oa. gain of $5,000 Ob. loss of $6,500 Oc. gain of $1,500 Od. loss of $1,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, a company sold a machine for $5,000 that it had used for several years. The machine cost $11,000, and had accumulated
depreciation of $4,500 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine for the
year ended December 317
Oa. gain of $5,000
Ob. loss of $6,500
Oc. gain of $1,500
Od. loss of $1,500
11:05 AM
4/6/2021
a](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F83e699b6-7708-4baa-ba1a-1afcae90f1f3%2Fcc3e36fa-d417-429b-bc17-eb3f16eadabf%2Fhpsq7pr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:CengageNOWv2| Online teachir x
b d21 mnsu - Bing
-2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes..
On January 1, a company sold a machine for $5,000 that it had used for several years. The machine cost $11,000, and had accumulated
depreciation of $4,500 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine for the
year ended December 317
Oa. gain of $5,000
Ob. loss of $6,500
Oc. gain of $1,500
Od. loss of $1,500
11:05 AM
4/6/2021
a
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