Nicklaus Company Has Decided to Sell One of Its Old

question 47

Multiple Choice

Nicklaus Company has decided to sell one of its old machines on June 30, 2010. The machine was purchased for $120,000 on January 1, 2006, and was depreciated on a straight-line basis for 10 years with no salvage value. If the machine was sold for $39,000, what was the amount of the gain or loss recorded at the time of the sale?

• A) $27,000.
• B) $81,000.
• C) $33,000.
• D) $69,000.

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Definitions:

Spanish Reconquista

The period from the 8th to the 15th century during which Christian kingdoms in the Iberian Peninsula reconquered territory from Muslim rulers.

Aztec Empire

A Mesoamerican empire that flourished in central Mexico in the 14th, 15th, and early 16th centuries, known for its sophisticated civilization, architectural achievements, and complex social structure before falling to Spanish conquerors.

Hernán Cortés

A Spanish Conquistador known for his expedition that led to the fall of the Aztec Empire and the establishment of Mexico City on its ruins.

Bartolome De Las Casas

A 16th-century Spanish historian and Dominican friar who became the first known advocate for the rights of indigenous people in the Americas, and opposed the abuses of the Spanish encomienda system.