Avocado, Inc. purchased a $100,000 machine and deducted $70,000 of depreciation before selling it for $80,000 (after
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Question:
Avocado, Inc. purchased a $100,000 machine and deducted $70,000 of depreciation before selling it for $80,000 (after holding it for more than 1 year).How much gain does Avocado recognize?How is the gain classified?
How is the gain classified if Avocado sells the machine for $120,000?
How is the loss classified if Avocado sells the machine for $25,000?
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