Leesburg sold a machine for $2,200 on November 10^th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation deductions on the machine through the date of the sale. What is Leesburg's gain or loss realized on the machine?

a.		$800 gain.
b.		$1,000 gain.
c.		$1,200 loss.
d.		$1,400 loss.
e.		None of these.

Answer rating: 100% (QA)

Purchase price of machine 2600 Depreciatio... View the full answer