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Problem: VSP Inc. purchased equipment for $20,000 on March 1, 2013. The equipment's accumulated depreciation balance was $15,000 at the end of 2019 after depreciation was claimed for the year. On December 31, the old equipment was traded equipment for new equipment with a list price of $22,000. A trade-in allowance of $5,500 is given on the old equipment and cash of $16,000 was paid. The fair value of the old equipment at the time of trade-in was $2,000.
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Question: What is the gain or loss on disposal? Can you please help me by providing the authentic solution of this problem.
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