Corporation sold the following three assets

ACCT 3531 Ron Unger Fall 2015 Form 4797 Make-Up Problem TMI Corporation sold the following three assets in 2014. Equipment purchased 8/1/10 for $85,000; accumulated depreciation $30,000. Sales price = $75,000. Building purchased 1/1/85 for $735,000; accumulated depreciation $525,000 (straight-line depreciation =$475,000); Sales price $1,025,000. Auto purchased 3/1/12 for $20,000; accumulated depreciation $8,000; Sales price = $10,000. Required calculate gain/loss for each asset and the character(s) of the gain. Fill out form 4797 for TMI Corp, completing both pages of the form with the appropriate calculations of the ordinary vs. capital gain.

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