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E-Z Parts sold a machine for $2,200 on November 18th of the current year. The...

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Accounting

E-Z Parts sold a machine for $2,200 on November 18th of the current year. The machine was purchased for $2,600. The company had taken $1,200 of depreciation deductions on the machine through the date of the sale. What is the gain or loss realized on the machine?

A. None of the choices are correct.

B. $1,200 loss.

C. $800 gain.

D. $1,000 gain.

E. $1,400 loss.

The wage base for which of the following taxes is capped?

a. Federal income.

b. Social Security.

c. Medicare.

d. Alternative minimum.

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