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This year, Izard Company sold equipment purchased several years ago at a cost of $48,500....

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Accounting

This year, Izard Company sold equipment purchased several years ago at a cost of $48,500. Accumulated depreciation through date of sale was $12,900.

What is the adjusted basis?

What is the tax impact if the sale price is 25,000?

What is the tax impact if the sale price is 50,000?

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