Question
On April 30, 2016, Camire & Sons sold some used equipment for $56,000. The accumulated depreciation on the equipment when sold was $64,000. Camire &
On April 30, 2016, Camire & Sons sold some used equipment for $56,000. The accumulated depreciation on the equipment when sold was $64,000. Camire & Sons properly recorded a $22,000 gain on the sale. The original cost of the equipment when it was purchased several years ago by Camire & Sons must have been:
| A. | $25,000 | |
| B. | $98,000 | |
| C. | $28,000 | |
| D. | $78,000 |
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Financial Accounting An Integrated Approach
Authors: Michael Gibbins
6th Edition
0176407251, 978-0176407254
