Tim's Taxi Service sold one of its cabs for $9,000. The cab had an original cost of $23,000 with $16,000 in accumulated depreciation. Assuming this is the only asset sold during the year, what is the recognized gain or loss and character of the gain or loss on this sale

Michael works in an it firm that is well known for making innovative products. michael is asked to develop a product that would serve an unmet need. though he has many ideas for it, none of them quite fits the bill. he finally decides to stand back from the problem for a period of time and ceases to consciously think about the yet-to-be-developed product. after a week, as he looks over his notes, he realizes the solution. the period of time in which michael did not consciously work on the problem is referred to as