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A company sells a machine for \$10,000. The machine's original cost was \$15,000, and it has accumulated depreciation of \$7,000. What is the gain or loss on the sale?
When a company purchases new equipment, how is the equipment account affected?
A company sells a vehicle for \$12,000. The vehicle's original cost was \$20,000, and it has accumulated depreciation of \$9,000. What is the gain or loss on the sale, and how should it be recorded?
What occurs when the sale proceeds of a plant asset are less than its net book value?
How does the sale of a plant asset impact the cash balance?
A company sells a machine for \$8,000. The machine's net book value is \$10,000. How should the loss be recorded in the accounting records?
In which section of the income statement do gains and losses from the sale of plant assets appear?
Where do gains and losses from the sale of plant assets appear on the income statement?
How is the equipment account adjusted when a plant asset is sold?
How does recording depreciation expense affect the accumulated depreciation account?