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How will the sale effect income tax return

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On April 30, 2017, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value.

Question 1: In the year 2023, Tilton Products sells this machinery for $4,500. At the date of sale, the machinery had been depreciated by Tilton Products to its estimated residual value of $8,000. Will this sale results in a loss or gain on financial statements? How will this sale effect income tax return?

 

Reference no: EM132487835

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