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Test: Accounting Skills Test (Assets and Revenue)

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XYZ Company owns machinery with a cost of $100,000 and an accumulated depreciation of $60,000 on January 1, 2007. On July 1, 2007, the machinery is sold for $43,000. The straight line depreciation method has been used during the previous six years of life. How much gain or loss will be recorded on the sale?
$3,000 gain
0 votes
$13,000 gain
1 votes
$8,000 gain
0 votes
$22,000 gain
0 votes
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