Multiple Choice
On January 2, 2016, Hannah Company sold a machine for $1,000 that it had used for several years.The machine cost $12,000, 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 $2,000
B) Loss of $11,000
C) Loss of $2,000
D) Gain of $3,000
Correct Answer:
Verified
Correct Answer:
Verified
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