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24. Leesburg sold a machine for $2.200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of

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24. Leesburg sold a machine for $2.200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation deductions on the machine through the date of the sale. What is Leesburg's gain or loss realized on the machine? A) $800 gain. B) $1,000 gain C) $1,200 loss. D) $1,400 loss. E) None of the choices are correct 25.The MACRS recovery period for automobiles and computers is: A) 3 C) 7 years. D) 10 years E) None of the choices are correct. 26. Which depreciation convention is the general rule for tangible personal property? A) Full-month B) Half-year C) Mid-month. D) Mid-quarter. E) None of the choices are conventions for tangible personal property 27. Which of the allowable methods allows the most accelerated depreciation? A) 150 percent declining balance. B) 200 percent declining balance. C) Straight -line. D) Sum-of-the-years-digits E) None of the methods would allow accelerated depreciation 28. Which is not an allowable method under MACRS? A) 150 percent declining balance B) 200 percent declining balance c) Straight-line. D) Sum-of-the-years-digits E) All of the choices are allowable methods under MACRS

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