A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center junks this machine and receives nothing. What is the result of the disposal transaction? a. No gain or loss b. Gain of $1,000 c. Loss of $1,000 d. Loss of $45,000
A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center junks this machine and receives nothing. What is the result of the disposal transaction? a. No gain or loss b. Gain of $1,000 c. Loss of $1,000 d. Loss of $45,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A copy machine costs $45,000 when new and has
a. No gain or loss
b. Gain of $1,000
c. Loss of $1,000
d. Loss of $45,000
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