Foam Pellet Packaging sold a machine for $60,000. The company bought this machine for $160,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $16,000 salvage value.
What is the gain (loss) that Foam Pellet Packaging should report?

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The Answer of Foam Pellet Packaging sold a machine for $60,000. The company bought this machine for $160,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $16,000 salvage value.
What is the gain (loss) that Foam Pellet Packaging should report?

Foam Pellet Packaging Sold a Machine for $60,000