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Compute the gain recognized on the sale of the equipment

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Reference no: EM132599676

Question - Skynet Corporation had the following excerpt from its financial records:

12/31/2006 12/31/2005

Equipment $850000 802000

Accumulated Depreciation 581000 541000

Book Value $269000 261000

The following information is taken from Skynet Corporation's records:

1. Depreciation expense for 2006 and 2005 was $92000 and $97000, respectively.

2. Equipment was purchased during 2006 for $118000 cash.

3. Equipment was sold during 2006 for $30000.

Compute the gain recognized on the sale of the equipment.

Reference no: EM132599676

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