Question
Question #10 A company owns an executive plane that originally cost $1,280,000. It has recorded straightline depreciation on the plane for seven full years, calculated
Question #10
A company owns an executive plane that originally cost $1,280,000. It has recorded straightline depreciation on the plane for seven full years, calculated assuming a $160,000 expected salvage value at the end of its estimated 10year useful life. The company sells the plane at the end of the seventh year for $200,000.
Calculate the gain or loss on the sale of the plane. (Round your answer to the nearest whole number. If a loss, type a minus sign - at the beginning of your answer; do not include a space after the minus sign. Do not include a $ sign.)
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