HH Co. purchased equipment at the beginning of 2020 for $46,000 with an estimated residual value of $4,600 that it has depreciated for the past 2 full years using the double-diminishing-balance method at a rate of 40%. They sold the equipment at the beginning of 2022 for $18,400 cash.

Determine the amount of the gain or loss on the disposal of the equipment?

Answer rating: 100% (QA)

To determine the amount of gain or loss on the disposal of the equipment we first need to calculate ... View the full answer