On 1/1/18, Carolina Corporation acquired new warehouse equipment with a cost of $125,000. Carolina also paid sales
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On 1/1/18, Carolina Corporation acquired new warehouse equipment with a cost of $125,000. Carolina also paid sales tax of $10,000 and installation/delivery costs of $21,000 related to this equipment. As of 7/31/22 Carolina has deducted $30,000 in depreciation and $25,000 in Section 179 deduction on this equipment. On 7/31/22 the equipment was sold for $106,000.Carolina also paid a sales commission of $6,000 to a broker for the sale. What was the gain or loss realized on the sale of the equipment in 2022.
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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