Determine the amount and character of gain (loss) recognized from the following asset sales by a proprietorship. Amounts are in thousand 

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Total Adjusted Sales Gain 51231 Asset Cost Depreciation Basis Price (Loss) Ordinary 25% 15% Equipment $25 $7 $18 $30 $12 Equipment $200 $158 $42 $35 ($7) Equipment $50 $20 $30 $45 $15 Warehouse $500 $125 $375 $450 $75 Apartment Building $500 $90 $410 $600 $190 Total Adjusted Sales Gain 51231 Asset Cost Depreciation Basis Price (Loss) Ordinary 25% 15% Equipment $25 $7 $18 $30 $12 Equipment $200 $158 $42 $35 ($7) Equipment $50 $20 $30 $45 $15 Warehouse $500 $125 $375 $450 $75 Apartment Building $500 $90 $410 $600 $190

Answer rating: 100% (QA)

Equipment 1 Net book value cost accumulated depreciation Thus ... View the full answer