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