Parker Manufacturing sold machinery for $32,000. Parker originally purchased the machinery for $95,000, and accumulated depreciation through the date of sale was $78,000. What was the gain or loss on the sale of the machinery?
Parker Manufacturing sold machinery for $32,000. Parker originally purchased the machinery for $95,000, and accumulated depreciation through the date of sale was $78,000. What was the gain or loss on the sale of the machinery?
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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Financial accounting
Transcribed Image Text:Parker Manufacturing sold machinery for $32,000. Parker
originally purchased the machinery for $95,000, and
accumulated depreciation through the date of sale was
$78,000. What was the gain or loss on the sale of the
machinery?
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