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Joan bought a business machine for $ 15,000 on January 1,2013, and later sold the machine for $ 12,800 when the total allowable depreciation is
Joan bought a business machine for $ 15,000 on January 1,2013, and later sold the machine for $ 12,800 when the total allowable depreciation is $8,500. The depreciation actually taken on the tax returns totaled $ 8,000. Joan must recognize a gain (or loss) of A. no gain or loss. B. $ 6,800. C. ($3,200) D. $6,300
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