Question
On July 1, 2017, Hale Kennels sells equipment for $330,000. The equipment originally cost $300,000, had an estimated 5-year life and an expected residual value
On July 1, 2017, Hale Kennels sells equipment for $330,000. The equipment originally cost $300,000, had an estimated 5-year life and an expected residual value of $150,000. The accumulated depreciation account had a balance of $525,000 on January 1, 2017, using the straight-line method. The gain or loss on disposal is
a. $45,000 gain.
b. $30,000 loss.
c. $45,000 loss.
d. $30,000 gain.
Anc. : (D) please show your work
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
