ABC Company purchased a new machine for $50,000 on March 28,2015. The useful life was...
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Accounting
ABC Company purchased a new machine for $50,000 on March 28,2015. The useful life was expected to be 8 years and sold for $2,000. The machine is sold for $34,000 on October 2, 2019. Assume no depreciation in the year of purchase and a full year of depreciation in the year of sale.
Assuming straight -line depreciation method is used, what is the gain to be recorded at the time of sale?
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