Metro Graphic Design purchased equipment on January 1, 2018, for $37,336. Suppose Metro Graphic Design sold the equipment for $28,000 on December 31, 2020.

Metro Graphic Design purchased equipment on January 1, 2018, for $37,336. Suppose Metro Graphic Design sold the equipment for $28.000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $17.232. Joumalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Low Book value of niet disposed of Cost Less: Accumulated Depreciation Gain or (Los)