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Renton Technical College *

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179

Subject

Accounting

Date

May 7, 2024

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png

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1

Uploaded by PresidentElectron6479 on coursehero.com

On August 1 of year 0O, Dirksen purchased a machine for $29,500 to use in its business. On December 4 of year O, 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. J rksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? @ Answer is complete and correct. i Description Amount »tal Gain or (Loss) Recognized $ 2828@ haracter of Recognized Gain or s): Ordinarv Gain or (Loss) $ 2.828 @
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