On January 1, year 1 ABC. Ltd. had a piece of equipment with a cost of $
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Question:
On January 1, year 1 ABC. Ltd. had a piece of equipment with a cost of $ 160000 and accumulated depreciation of $ 30000. The company uses the straight line method. The equipment has a useful life of 15 years and a residual value of $ 30000. The equipment was sold on July 1, year 1 for $ 90000.
Calculate the gain or loss on disposal. If the amount is a gain, enter the answer as a positive amount below (i.e. 20000). If the amount is a loss, enter the answer as negative amount below (i.e. -20000). Round your final answer to the nearest dollar.
Related Book For
Accounting Principles Part 2
ISBN: 978-1118306796
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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