Multiple Choice
On 31 December 2013 a printing machine with a cost of $380 000 has accumulated depreciation written off of $140 000. If it is sold for $220 000 on 1 January 2014 what will be the net effect of the sale on the income statement?
A) $20 000 profit
B) $20 000 loss
C) $160 000 loss
D) $80 000 profit
Correct Answer:
Verified
Correct Answer:
Verified
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