On January 2,2017,Hannah Company Sold a Machine for $1,000 That

question 58

Multiple Choice

On January 2,2017,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:

Matrix

A rectangular array of numbers, symbols, or expressions, arranged in rows and columns, used in linear algebra.

Third Number

In sequences, the third number is the term that comes immediately after the second and is preceded by the fourth number, if available.

Positive Numbers

Positive numbers are numbers greater than zero, found on the right side of the real number line, and are used to represent quantities that have magnitude only.

System of Linear Equations

A collection of one or more linear equations involving the same sets of variables, where the solution is the set of values that satisfy all equations simultaneously.