How much is the gain or loss on disposal

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Reference no: EM132692039

The records of Coppell Sports showed the following information about a copy machine purchased for $40,000:

Accumulated depreciation at December 31, Year 3 $13,000
Depreciation for the first six months of Year 4 $2,000

Problem 1: On July 1, Year 4, the machine was sold for $20,000. How much is the gain or loss on disposal?

A. $ 5,000 loss
B. $ 10,000 loss
C. $ 5,000 gain
D. $15,000 gain

Reference no: EM132692039

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