A company purchased a valuable capital asset three years ago for $8.2 million and it currently has a book value of $6.2 million. The asset is now being sold for $11.6 million.

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.