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On January 1, Year 1, Jing Company purchased office equipment that cost $15,600 cash. The equipment was delivered under terms FOB shipping point, and transportation
On January 1, Year 1, Jing Company purchased office equipment that cost $15,600 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,700. The equipment had a five-year useful life and a $6,100 expected salvage value. Assume that Jing Company earned $20.600 cash revenue and incurred $13,000 in cash expenses in Year 3. The company uses the straight-line method. The office equipment was sold on December 31, Year 3 for $10,100. What is the company's net income (loss) for Year 3? Multiple Choice $4,880 $2,380 O ($1.580) $4,620
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