What is leesburg''s gain or loss realized
Leesburg sold a machine for $2,200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation deductions. What is Leesburg's gain or loss realized on the machine?
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Able Company purchase a machine for $35,000 on January 1, 2013. The fair market value of the machine is $42,000 and the cost to install and calibrate the machine inside it warehouse was $10,000.
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