Accounting Information Systems (13th Edition)
13th Edition
ISBN: 9780133428537
Author: Marshall B. Romney, Paul J. Steinbart
Publisher: PEARSON
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Chapter 15, Problem 5DQ
To determine
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During the current year.
During the current year, a business sells equipment for $440,000. The equipment cost $290,000 when purchased and placed in service two years ago and $85,000 of depreciation deductions were allowed. The results of the sale are ____. OPTIONS: A) ordinary income of $120,000. B) Sec. 1231 gain of $120,000. C) ordinary income of $90,000 and LTCL of $30,000. D) ordinary income of $85,000 and Sec. 1231 gain of $150,000.
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Accounting Information Systems (13th Edition)
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