Multiple Choice
On January 1, 2013, a company sold a machine for $5,000 that it had used for several years. The machine cost $11,000, and had accumulated depreciation of $4,500 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 $5,000
B) loss of $6,500
C) loss of $1,500
D) gain of $1,500
Correct Answer:
Verified
Correct Answer:
Verified
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