Albert Corp

question 143

Multiple Choice

Albert Corp. bought a machine for $10,000 thirteen years ago. It has been depreciated on a straight line basis over a 20 year life with no salvage value. The firm just sold the machine for $6,000. How much gain/loss should be reported on the sale?

• A)$4,000 loss
• B)$2,500 loss
• C)No gain or loss should be recorded.
• D)$2,500 gain
• E)$4,000 gain

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Definitions:

Network Shutdown

The process of intentionally turning off or disabling all or part of a computer network.

Computer Fraud and Abuse Act

A U.S. law that criminalizes unauthorized access to computers and networks.

Confidential Client Lists

Lists that contain private information about clients, protected to maintain confidentiality and competitive advantage.

Financial Information

Data regarding the economic activities and condition of an individual or organization, including income, expenses, assets, and liabilities.