ABC

purchases a piece of equipment of January 1,2016 . The cost of the equipment is

$46,000

. The company expects to use the equipment for 6 years and that the salvage value at the end of 6 years will be

$16,000

. After 2 years, the company sells the equipment for

$35,000

. Given that

ABC

uses the straight line method for calculating depreciation expense, what is the gain/(loss) on the sale of the equipment after 2 years?

ABC purchases a piece of equipment of January 1,2016 . The cost of the equipment is $46,000. The company expects to use the equipment for 6 years and that the salvage value at the end of 6 years will be $16,000. After 2 years, the company sells the equipment for $35,000. Given that ABC uses the straight line method for calculating depreciation expense, what is the gain/(loss) on the sale of the equipment after 2 years