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Granite Stone Creamery sold ice cream equipment for $10,400. Granite Stone originally purchased the equipment for $75,000, and depreciation through the date of sale totaled
Granite Stone Creamery sold ice cream equipment for $10,400. Granite Stone originally purchased the equipment for $75,000, and depreciation through the date of sale totaled $63,000. What was the gain or loss on the sale of the equipment? $ 10,400 Sale amount Less: Cost of the ice cream equipment Less: Accumulated depreciation $ 75,000 63,000 Book value Loss on sale of the equipment
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