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Problem 1: For financial statement purposes, Adel Corporation was depreciating a truck by the straight-line method over five years. For income tax purposes, the truck was being depreciated by an accelerated method over a life of only three years. After two years, the truck was sold at a price above its book value for financial statement purposes. Adel Corporation should report this sale as:
Option A) A gain in its income statement and an even larger gain in its income tax return.
Option B) A gain in its income statement, but as a smaller gain in its income tax return.
Option C) A gain in its income statement, but as a loss in its income tax return.
Option D) A gain of the same dollar amount in both its income statement and its income tax return.
Financial Statement Analysis and Preparation
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