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When a Company Discards Machinery That Is Fully Depreciated, This

question 74

Multiple Choice

When a company discards machinery that is fully depreciated, this transaction have which of the following effect on the company's accounts?


Definitions:

Federal Income Tax

A charge imposed by the US federal government on the yearly income of persons, companies, trusts, and various legal bodies.

Excise Tax

A tax on the sale or consumption of a specific product or service, often levied at the point of manufacture or sale.

Taxable Income

is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.

Federal Income Tax

A tax imposed by the federal government on personal and corporate income.

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