The following account totals appear in the general ledger of the Boston Company: Equipment: $12,000 Accumulated Depreciation:
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Question:
Equipment: $12,000
Accumulated Depreciation: $4,500
If the equipment is sold to an outside party for $5,500, what amount of gain (loss) will the Boston Company record on the disposal of the equipment?
a) $ 2,000 loss
b) $1,000 gain
c) $2,500 gain
d) $4,000 gain
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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