Question

On January 1, 2012, A&G Company pays $40,000 for equipment with a 10-year estimated life and a $5,000 estimated salvage value. On January 1, 2016, A&G sells the equipment for $18,500.
Required
Calculate the gain or loss on the sale assuming A&G uses the straight-line method of depreciation. Where should the gain or loss on the sale be presented on the income statement?


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  • CreatedJuly 16, 2015
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