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  3. roberts printing inc sold the following trade or business assets...

Question: roberts printing inc sold the following trade or business assets...

Question details

Roberts Printing, Inc. sold the following trade or business assets during the year:   

Selling Price

Cost

Accumulated Depreciation

Printing Press

$4,000

$6,800

$3,200

Photocopier

$2,600

$2,500

$500

Delivery Van

$500

$15,000

$13,000

All assets were held for over a year.

Determine the amount and character of Roberts Printing’s gain or loss.

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