University of Virginia ACCT ACCT MISC 1. Stratton Corporation purchased a piece of land for $50,000. Stratton paid attorney’s fees of $5,000 and brokers’ commissions of $4,000 in
7. Hoogenboom Company has decided to sell one of its old manufacturing machines on June 30, 2021. The machine was purchased for $80,000 on January 1, 2017 and was depreciated on a straight-line basis over a 10-year life assuming no salvage value. If the machine was sold for $26,000, how much is the gain or loss to be recorded at the time of the sale?
a. $46,000 loss
b. $22,000 loss
c. $54,000 gain
d. $18,000 loss
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