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Equipment was sold for $50,000. The equipment was originally purchased for $85,000. At the time of the sale, the equipment had accumulated depreciation of $30,000. Calculate the gain or loss to be recorded
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Equipment was sold for $50,000. The equipment was originally purchased for $85,000. At the time of the sale, the equipment had accumulated depreciation of $30,000. Calculate the gain or loss to be recorded on the sale of equipment. Multiple Choice Gain of $5,000. Loss of $35,000. Gain of $20,000. Loss of $5,000.

User Fernando Cardenas
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6 votes
6 votes

Answer:

Loss of $5,000

Step-by-step explanation:

loss to be recorded on the sale of equipment is $5,000

User Jerry Abraham
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