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Determine of the business made a gain or a loss on the sale

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Equipment acquired on January 2, 2010, is sold on January 8, 2013, for $16,000. The equipment cost $30,000, had an estimated residual value of $6,000, and an estimated useful life of 6 years. The company depreciates their fixed assets on December 31 every year, and the equipment has been depreciated using the straight-line method.

Problem A. Determine the book value of the asset at the time of sale.

Problem B. Determine of the business made a gain or a loss on the sale. How much?

Problem C. Journalize the sale.

Reference no: EM132825463

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