What gain or loss does lassen realize on the transaction

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Reference no: EM13905938

1. Shasta Corporation sold a piece of land to Bill for $45,000. Shasta bought the land two years ago for $30,600. What gain or loss does Shasta realize on the transaction?

2. Lassen Corporation sold a machine to a machine dealer for $25,000. Lassen bought the machine for $55,000 and has claimed $15,000 of depreciation ex- pense on the machine. What gain or loss does Lassen realize on the transaction?

Reference no: EM13905938

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