Question
X Force Company sold machinery for $70,000 on December 23, 2018. The machinery had been acquired on April 1, 2016, for $69,000 and its adjusted
X Force Company sold machinery for $70,000 on December 23, 2018. The machinery had been acquired on April 1, 2016, for $69,000 and its adjusted basis was $34,200. What are the amounts of 1231 gain or loss and 1245 gain on this transaction?
There is no depreciation
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
