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

question 43

Essay

A machine was purchased for $100,000 in 2011 and used for four years,during which $50,000 of depreciation accumulated.The machine was then sold for $60,000 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:

Social Media Profile

An individual's personal page or account on social media platforms where they can post content, interact with others, and present themselves online.

Personal Brand

The unique combination of skills, experiences, and personality that an individual showcases to differentiate themselves in the market.

Psychologically Hardwired

Refers to the innate or inherent traits, responses, or predispositions in humans, often determined by genetics or early life experiences.

Negative Events

Unfavorable or detrimental occurrences that can impact individuals or groups emotionally, physically, or materially.