CJ, Inc. purchased a new machine for $50,000 on March 28, 2015. The useful life was expected to be eight years and then they would sell it to the junk yard for $2,000. The machine was sold for $34,000 on October 2, 2019. Assume no depreciation in the year of purchase and a full year of depreciation in the year of sale. Assuming they use straight-line depreciation, what is the gain to be recorded at the time of sale

Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4