Question: Chapter 11 - Activity Continuation of Chapter 10 Activity Disposal of Assets This is an extension of the Ch 10 Crunch Cakes Activity. You

Chapter 11 - Activity Continuation of Chapter 10 Activity Disposal of Assets This is an extension of the Ch 10 Crunch Cakes Activity. You need completed Ch10 activity! The owners of Crunchy Cakes are not managing the business very well. As a result, the company must sell off assets to pay bills. Assume the depreciation rules are stable over the next few years. The following assets are sold: 1. 2022: On February 14, sold commercial oven purchased in 2020. Sold for $480,000. a. Calculate the amount of gain or loss on the sale. b. Calculate gain recapture (if applicable). c. Characterize the gain or loss.

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