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Problem - Copper Corporation sold machinery for $42,000 on December 31, 2015. The machinery had been purchased on January 2, 2012, for $60,000 and had an adjusted basis of $41,000 at the date of the sale. For 2015, what should Copper Corporation report?
a. Ordinary income of $6,000.
b. A $ 1231 gain of $3,000 and $3,000 of ordinary income.
c. A $ 1231 gain of $6,000.
d. A $ 1231 gain of $6,000 and $3,000 of ordinary income.
e. None of the above.
Sage Company had a $300,000 balance in Accounts Receivable on January 1.The balance in Allowance for Bad Debts on January 1 was $36,000. Sales for the year totaled $1,700,000. All sales were credit sales.
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