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? Required information [The following information applies to the questions displayed below.] ...

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Accounting

?
Required information
[The following information applies to the questions displayed below.]
On August 1 of year 0, Dirksen purchased a machine for $29,500 to use in its business. On December 4 of year 0, Dirksen
sold the machine for $24,500. Use MACRS Table.
Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round
other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if
applicable.
b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or
loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?
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