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A company sold a machine for $15,000 in cash. The machine originally cost$38,000 and accumulated depreciation was $20,000. What's the gain or loss on the sale of machinery?

Question

A company sold a machine for $15,000 in cash. The machine originally cost$38,000 and accumulated depreciation was $20,000. What's the gain or loss on the sale of machinery?
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Solution 1

Step 1: Define the Problem

Identify the key components:

  • Selling price of the machine: $15,000
  • Original cost of the machine: $38,000
  • Accumulated depreciation: $20,000

Step 2: Break Down the Problem

Calculate the book value of the machine and determine the gain or loss:

  1. Calculate the Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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