Refer to the information in BE715. Determine the financial statement effects of the gain or loss on
Question:
Refer to the information in BE7–15. Determine the financial statement effects of the gain or loss on the sale of the equipment.
Data from in BE7-15
Granite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $71,000. Record the gain or loss on the sale of the equipment.
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