Collicutt Energy Services Ltd. of Calgary, Alberta, reported the following for land, buildings, and equipment (in millions):
Question:
During 2014, Collicutt Energy paid $74.2 million for new property and equipment. Depreciation for the year totalled $38.1 million. During 2014, Collicutt sold property and equipment for $20.2 million. How much was Collicutt's gain or loss on the sale of the property and equipment?
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Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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