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USE THE FOLLOWING INFORMATION FOR #7: Motown has the following information regarding a machine purchased...

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USE THE FOLLOWING INFORMATION FOR #7: Motown has the following information regarding a machine purchased for use in the business. Purchase date 1/1/20 Year End December 31 Cost of the machine $ 139,000 Accumulated Depreciation $ 58,000 Motown uses the straight-line method of depreciation. Motown sells the asset for the following amount S 7 6,500 7.) On the cover sheet write in the amount of gain or (loss) on the sale of the asset. If applicable, indicate a loss with brackets. 8.) A loss: A. is an incidental or peripheral transaction. B. decreases net income in the same way that an expense does. C. decreases equity in the same way that an expense does. D. all of the above

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