Lassen Corporation sold a machine to a machine dealer for $28,000. Lassen bought the machine for...
Lassen Corporation sold a machine to a machine dealer for $28,000. Lassen bought the machine for $60,250 and has claimed $25,750 of depreciation expense on the machine.
What gain or loss does Lassen realize on the transaction?
Homework Answers
Computation of gain or loss:
Book value as on the date of sale:
Original cost of machine = $60250
Less:depreciation expense. =$25750
Book value. =$34500
Gain or (loss )= Sale value - Book value
=$28000 - $34500
=$(6500)
Loss on sale = $(6500)
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