Sumner Sold Equipment That It Uses in Its Business for $30,000

question 41

Multiple Choice

Sumner sold equipment that it uses in its business for $30,000. Sumner bought the equipment a few years ago for $80,000 and has claimed $40,000 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss?

• A)$10,000 §1231 loss.
• B)$10,000 §1245 loss.
• C)$50,000 ordinary loss.
• D)$10,000 capital loss.
• E)None of the choices are correct.

Recognize the significance of observable behavior in psychological research.

Understand the contributions of cognitive psychology, including its relevance to artificial intelligence.

Discern the role and impact of psychoanalysis in psychology.

Appreciate the interdisciplinary connections and practical applications of psychology, such as its influence on technology and therapy.

---

Definitions:

Service Quality

The perception of the degree to which a service meets or exceeds customer expectations.

Body Language

Non-verbal communication through gestures, expressions, and bodily movements.

Sales Process

A series of steps taken by a company or sales representative to engage potential buyers and effectively convert them into customers.

Buyer's Readiness

The stages a potential customer goes through before deciding to purchase a product, including awareness, interest, desire, and action.