Bryce sells a piece of equipment used in his business for $110,000. He had purchased...
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Accounting
Bryce sells a piece of equipment used in his business for $110,000. He had purchased the equipment 2 years ago for $80,000 and had accumulated depreciation of $40,000 prior to the sale. This was the only business property sold by Bryce during the year. How much capital gain does Bryce recognize on the sale?
$40,000
$30,000
$70,000
None of the other answers is correct
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