On January 2, 2013, Hannah Company sold a machine for $1,000 that it had used for several years. The machine cost $12,000, and had accumulated depreciation of $9,000 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine?
a. Gain of $2,000
b. Loss of $11,000
c. Loss of $2,000
d. Gain of $3,000
c
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Indicate whether the statement is true or false
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