In year 0 longworth purchased a machine for 40000 to use in, Ask an Expert

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In year 0 Longworth purchased a machine for $40,000 to use in its business. In year 3 Longworth sold the machine for $35,000. Between the purchase and sale dates, Longowrth depreciated the machine by $22,000. What is the amount and character of the gain Longworth will recognize on the sale if the sale proceeds were decreased to $15,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
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