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(Solved): A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on ...



A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is

Group of answer choices

$30,000 loss

$0 gain or loss

$120,000 gain

$30,000 gain

 

 

AXE Co. is the defendant in a lawsuit. AXE reasonably estimates that this pending lawsuit will result in damages of $99,000.  It is probable the AXE will lose the case. What should AXE do?

Group of answer choices

Record a Liability

Disclose in notes

Have no disclosure

No answer text provided.

 

 

An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is:

Group of answer choices

$2,830.50

$8,950.50.

$536.50.

$2,294.00.



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1. Calculation of gain or loss on sale of ma
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