Question
Amazon sold equipment for $40,000 cash. The equipment originally cost $50,000 and had accumulated depreciation of $20,000. Calculate the gain or loss on the sale
Amazon sold equipment for $40,000 cash. The equipment originally cost $50,000 and had accumulated depreciation of $20,000. 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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The Economics Of The Environment
Authors: Peter Berck, Gloria Helfand
1st Edition
978-0321321664, 0321321669
