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Chairs & More Company sold office furniture to Go Green, Inc. on February 2, 2013. The sales price of the furniture was $16,000. The cost
Chairs & More Company sold office furniture to Go Green, Inc. on February 2, 2013. The sales price of the furniture was $16,000. The cost of the furniture to Chairs & More was $9,800. Go Green, Inc. is buying this furniture to replace its current furniture which is recorded on the balance sheet at its depreciated cost of $2,500. What amount of gross profit will Chairs & More recognize on this sale?
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