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On December 31, 2016, Hamilton Inc. sold a used industrial crane for $1,000,000 cash. The original cost of the crane was $5.22 million and its
On December 31, 2016, Hamilton Inc. sold a used industrial crane for $1,000,000 cash. The original cost of the crane was $5.22 million and its accumulated depreciation equaled $4.31 million on December 31, 2016. What is the gain or loss from the December 31, 2016 equipment sale? $910,000 gain $90,000 gain $910,000 loss $90,000 loss
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