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How much gain does Avocado recognize

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Question - Avocado, Inc. purchased a $100,000 machine and deducted $70,000 of depreciation before selling it for $80,000 (after holding it for more than 1 year). How much gain does Avocado recognize? How is the gain classified?

Required -

How is the gain classified if Avocado sells the machine for $120,000?

How is the loss classified if Avocado sells the machine for $25,000?

Reference no: EM132621372

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