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Matlack Corp acquired equipment on 2/1/19 for $2,400,000. The corporation uses straight line depreciation for book purposes. Estimated useful life 10 years, no salvage value.
Matlack Corp acquired equipment on 2/1/19 for $2,400,000. The corporation uses straight line depreciation for book purposes. Estimated useful life 10 years, no salvage value. The equipment was sold on 7/1/23 for $1,500,000. What is the 2023 Schedule M-1 adjustment amount for the gain (loss) on the sale of the equipment, and indicate whether it is a favorable (F) or unfavorable (U) Schedule M-1 Multiple Choice $1,500,000
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