Based on the original cost of the machine and the accumulated depreciation, the gain on the machine is -$3,000.
What is the gain on the machine?
First find the netbook value of the machine:
= Cost of machine - accumulated depreciation
= 38,000 - 20,000
= $18,000
The gain or loss is:
= Selling price - Net book value
= 15,000 - 18,000
= -$3,000
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