Sears Corporation, which has a calendar year accounting period, purchased a new machine for $40,000 on April 1, 2007. At that time Sears expected to use the machine for ten years and then sell it for $10,000. The machine was sold for $24,500 on Sept. 30, 2012. Assuming straight-line depreciation, the gain to be recognized at the time of sale would be:

Catherine de bourgh has one child, anne, who is 18 years old at the end of the year. anne lived at home for seven months during the year before leaving home to attend state university for the rest of the year. during the year, anne earned $6,000 while working part time. catherine provided 80 percent of anne's support and anne provided the rest. which of the following statements regarding whether anne is catherine's qualifying child for the current year is correct? a.anne is a qualifying child of catherine.b.anne is not a qualifying child of catherine because she fails the gross income test.c.anne is not a qualifying child of catherine because she fails the residence test.d.anne is not a qualifying child of catherine because she fails the support test.