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29-04-2024
Business

Answered

Ginny sold a file cabinet used in her business for $250. She purchased it for $400 and took a depreciation of $220. What is the amount and character of Ginny's gain or loss recognized on this sale?
a) Gain of $30, ordinary
b) Loss of $30, ordinary
c) Gain of $170, capital
d) Loss of $170, capital

Answer :

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