Lola buys a candy maker on April 1, 2021 for $20,000. Lola pays another $1000 to ship the machine to the retail location where she would start producing candies for sale. The machine (candy maker) is expected to have ten year useful life and a residual value of $3,000. Assume that she uses the straight-line depreciation and the half-year convention. The candy maker is then sold on October 1, 2023 for $19,000. What gain/loss will Lola report in 2023 from this sale?

If the value of an asset is impaired, the asset adjusted will be shown as its:

a. fair value, b. book value, c. cash flow value, d. historical cost, e. depreciable value