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64. Company LLL sold equipment for $40,000 that had an original cost of $60,000 and accumulated depreciation of $20,000. Calculate the gain
64.
Company LLL sold equipment for $40,000 that had an original cost of $60,000 and accumulated depreciation of $20,000. Calculate the gain or loss on disposal and provide the journal entry to record the transaction. Discuss the treatment of gains and losses on disposal in financial statements.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
