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Question 11 The following facts relate to the sale of an old machine: Amount...

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Accounting

Question 11
The following facts relate to the sale of an old machine:
Amount received in cash Cost of old machine
ACCUMULATED DEPRECIATION on the old machine $16,000
Is there a GAIN or a LOSS on the sale of the machine and for what amount?
Loss for $20,000
Loss for $4,000
Gain for $24,000
Gain for $4,000
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