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Find the sale of the equipment resulted in

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Question 1: A piece of Equipment, that has a useful life of 5 years with no salvage value was purchased in 2000 for $20,000. It is depreciated on a straight line basis. After 3 years, it was sold for $10,000. The sale of the equipment resulted in:

a. Loss of $20,000

b. Loss of $2,000

c. Gain of $2,000

d. $10,000

e. None of the above

Question 2: Refer to the question above, based on the facts of the equipment, how much was its book value at the time of the sale:

a. $20,000

b. $8,000

c. $10,000

d. $15,000

e. None of the above.

Reference no: EM132598590

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