A company sold a machine that originally cost $90,000 for $28,000 cash. The accumulated depreciation on this machine was $47,000 at the time of the sale. What was the company's gain or loss on this sale?
What will be an ideal response?
| Original cost | $90,000 |
| Accumulated depreciation | (47,000) |
| Book value | $43,000 |
| Selling price | (28,000) |
| Loss | $15,000 |
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