Question: Company B disposed of obsolete computer equipment with a 32 000

Company B disposed of obsolete computer equipment with a $32,000 initial cost basis and $27,000 accumulated depreciation. Determine the amount and character of Company B’s recognized gain or loss if:
a. It sold the equipment for $7,000.
b. It sold the equipment for $1,000.
c. It dumped the equipment in a local landfill.

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  • CreatedNovember 03, 2015
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