What is the gain or loss on the sale

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Reference no: EM133349497

Question: The firm PizzaToGo has a truck which was purchased for $80,000 and was depreciated $3,000 per year for the first five years. At the beginning of year 6 the firm impairs the machine by $7,000 and sometime thereafter they sell the machine for $55,000 in cash.

What's the Gain or Loss on the sale?

What are the financial statement effects of the sale?

Reference no: EM133349497

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