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Amazon sold equipment for $30,000 cash. The equipment originally cost $40,000 and had accumulated depreciation of $15,000. Calculate the gain or loss on the sale

Amazon sold equipment for $30,000 cash. The equipment originally cost $40,000 and had accumulated depreciation of $15,000. Calculate the gain or loss on the sale of the equipment and provide the journal entry to record the transaction.

Requirements:

  • Calculate the gain or loss on the sale of equipment.
  • Provide the journal entry to record the sale of the equipment.

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