If a machine that cost $10,000 was estimated to have a salvage value of zero after a

Question:

If a machine that cost $10,000 was estimated to have a of zero after a useful life of 10 years and was sold for $4,500 after it had been owned for 6 complete years, what would be the amount of gain or loss recognized on the sale?
Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...