Indicate whether each of the following transactions would result in a gain,a loss,or neither one.
A = Gain
B = Loss
C = Neither a gain nor a loss
______ 2.Bought a machine 9 years ago for $200,000 and over the years recorded $175,000 of depreciation.Sold the machine for $35,000.
______ 4.Recorded $70,000 of depreciation on an asset that originally cost $100,000 and then sold it for a $40,000 note receivable.
______ 5.Bought a machine 5 years ago for $200,000 and over the years recorded $180,000 of depreciation.Sold the machine for $17,000.

Question

Indicate whether each of the following transactions would result in a gain,a loss,or neither one.
A = Gain
B = Loss
C = Neither a gain nor a loss
  ______ 2.Bought a machine 9 years ago for $200,000 and over the years recorded $175,000 of depreciation.Sold the machine for $35,000.
  ______ 4.Recorded $70,000 of depreciation on an asset that originally cost $100,000 and then sold it for a $40,000 note receivable.
______ 5.Bought a machine 5 years ago for $200,000 and over the years recorded $180,000 of depreciation.Sold the machine for $17,000.

Quizplus · Accepted Answer

The Answer of Indicate whether each of the following transactions would result in a gain,a loss,or neither one.
A = Gain
B = Loss
C = Neither a gain nor a loss
  ______ 2.Bought a machine 9 years ago for $200,000 and over the years recorded $175,000 of depreciation.Sold the machine for $35,000.
  ______ 4.Recorded $70,000 of depreciation on an asset that originally cost $100,000 and then sold it for a $40,000 note receivable.
______ 5.Bought a machine 5 years ago for $200,000 and over the years recorded $180,000 of depreciation.Sold the machine for $17,000.

Indicate Whether Each of the Following Transactions Would Result in a Gain,a