In the Year 2023,Tilton Products Sells This Machinery for $4,500

Multiple Choice

In the year 2023,Tilton Products sells this machinery for $4,500.At the date of sale,the machinery had been depreciated by Tilton Products to its estimated residual value of $8,000.This sale results in:

A) A $3,500 loss in both the company's financial statements and its income tax return.
B) No gain or loss in either the financial statements or the income tax return.
C) A $3,500 loss in the financial statements;a $3,500 gain in the income tax return.
D) A $3,500 loss in the financial statements,but no gain or loss in the income tax return.