Sports Med sold an X-ray machine that originally cost $100,000 for $60,000 The accumulated depreciation on the machine to the date of sale was $40,000. On this sale, Sports Med should recognize 50 gain or loss $20,000 gain $25,000 gain $40,000 lo $60,000 gain The characteristics of a liability include 000 Occurence of a past transaction or event Existence of a present obligation Requirement of future payment of assets or rendering of services A liability can be current or long term All of these answers are correct Fees accepted in advance from a client: Are recorded as earned revenues on the income statement Increase income. Are recorded as liabilities. Do not increase assets. None of t of these answers is comect The difference between the amount received from a note payable and the amount repaid is: Principal Face value Discount Premium An estimated liability: O O O Is an unknown liability of a certain amount Is a known obligation of an uncertain amount is a liability that may occur if a future event occurs. Can be the result of a lawsuit None of these answers is conect