Multiple Choice
On January 1, 2011, James Company sold a machine for $10,000 that it had used for several years. The machine was purchased at $22,000, and had accumulated depreciation of $9,000 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine?
A) Gain of $10,000
B) Loss of $13,000
C) Loss of $3,000
D) Gain of $3,000
Correct Answer:
Verified
Correct Answer:
Verified
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