Watson Packaging sold a machine for $16,500. The company bought this machine for $40,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $4,000 salvage value.
What is the gain (loss) that Watson Packaging should report?

Question

Watson Packaging sold a machine for $16,500. The company bought this machine for $40,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $4,000 salvage value. 
What is the gain (loss) that Watson Packaging should report?

Quizplus · Accepted Answer

The Answer of Watson Packaging sold a machine for $16,500. The company bought this machine for $40,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $4,000 salvage value. 
What is the gain (loss) that Watson Packaging should report?

Watson Packaging Sold a Machine for $16,500