On January 2, 2016, Hannah Company Sold a Machine for $1,000

question 33

Multiple Choice

On January 2, 2016, Hannah Company sold a machine for $1,000 that it had used for several years.The machine cost $12,000, and had accumulated depreciation of $9,000 at the time of sale.What gain or loss will be reported on the income statement for the sale of the machine?

• A) Gain of $2,000
• B) Loss of $11,000
• C) Loss of $2,000
• D) Gain of $3,000

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Definitions:

Alternatives

Other options or choices available in a given situation or for solving a particular problem.

Transparency

The practice of being open, honest, and straightforward about various activities, operations, or decisions.

Stealth Marketing

Marketing strategies that aim to advertise a product to people without them realizing they are being marketed to.

Corporate Security Standards

Guidelines and procedures established by a corporation to protect its assets, employees, and information from threats and to ensure the safety and integrity of its business operations.