Prinkle Corporation purchased equipment for $60,000 on January 1, 2016. On December 31, 2018, the equipment was
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Question:
Prinkle Corporation purchased equipment for $60,000 on January 1, 2016. On December 31, 2018, the equipment was sold for $28,000. Accumulated Depreciation as of December 31, 2018 was $31,000.
Calculate gain or loss on the sale.
A. 2,000 gain
B. 2,000 loss
C. $26,000 loss
D. No gain no loss
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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