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A Machine Was Purchased for $100,000 in 2011 and Used

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Essay

A machine was purchased for $100,000 in 2011 and used for four years,during which $40,000 of depreciation accumulated.The machine was then sold for $50,000 cash.What is the gain or loss on this transaction? Assume depreciation is up to date at the time of the sale.

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Definitions:

Micronutrients

Essential vitamins and minerals required in small amounts by the body for proper growth, development, and functioning.

Vitamins

Organic compounds that are essential in small quantities for the body's normal growth and activity.

Diet

The kinds of food that a person, animal, or community habitually eats, often tailored for health, religious, ethical, or weight-control reasons.

Minerals

Naturally occurring inorganic substances with a definite chemical composition and crystalline structure, essential for human health.

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