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XYZ, Inc., is a retailer that sells kitchen appliances. XYZ also has some equipment (e.g.,...

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Accounting

XYZ, Inc., is a retailer that sells kitchen appliances. XYZ also has some equipment (e.g., forklifts) that it uses to move appliances from storage to the showroom. On Dec. 30, XYZ sold a used forklift, which it had been using for the past 4 years, for $900. Which of the following should XYZ record for this transaction?

A $900 in revenue

B$900 gain

C Both $900 in revenue and a $900 gain

D Neither revenue nor a gain

explain it

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