Devine Company Sold a Machine That Originally Cost $34,000 and Accumulated

question 96

Multiple Choice

Devine Company sold a machine that originally cost $34,000 and accumulated depreciation of $27,000 and for $6,000.Devine had a/an

• A)gain of $1,000.
• B)extraordinary gain of $1,000.
• C)loss of $1,000.
• D)extraordinary loss of $1,000.

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Definitions:

Price

The monetary value or amount that must be given in exchange for a good or service.

Tax

Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Buyers

Individuals or organizations that purchase goods or services for personal use, resale, or as input for the production of other goods and services.

Price

The fiscal amount foreseen, obligatory, or rendered in settlement for something.