SMTTP Engineering Corp ordered a $40,000 machine and installed it for $10,000. The asset was...
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Accounting
SMTTP Engineering Corp ordered a $40,000 machine and installed it for $10,000. The asset was just sold 3 years later at a 40% discount($30,000). What is the capital gains or loss after disposal using the 7-year MACRS depreciation.
| A- Gains, $3763 |
| B- Loss, $3763 |
| C- Loss, $8135 |
| D- Gains, $4373 |
| E- Gains, $8745
Show your method, approach, calculations to the best of your ability |
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