Sale of a Depreciable PPE Asset Management plans to sell equipment and reviews the following transaction history 2010 Equipment bought for $30,000 before tax, with a sales tax of 3 5 Shipping costs at FOB Shipping Point were determined to be $200 afterward (i e shipping and tax are separate) 2011 Management hires an outside contractor to install the equipment in their factory The invoice was $4,000 2013 The equipment is discovered to have a malfunction, and its wiring must be repaired The invoice for this repair was $1,500 2015 Management installs an $800 2 core generator which allows the equipment to generate units at 2x the rate it did before From 2015 2020, the equipment was in use (For the sake of this question, assume 2015 2020 is when it depreciates ) Management determines the equipment to have a $9,000 salvage value and a total useful life of 8 years Assuming a straight line depreciation method, if the company sells the equipment at the end of 2020 for $45,000, what is the gain loss of the sale of equipment Round everything to whole numbers

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Sale of a Depreciable PPE Asset Management plans to sell equipment and reviews the following transaction history: 2010: Equipment bought for $30,000 before tax, with

Sale of a Depreciable PPE Asset

Management plans to sell equipment and reviews the following transaction history:

2010: Equipment bought for $30,000 before tax, with a sales tax of 3.5%. Shipping costs at FOB Shipping Point were determined to be $200 afterward (i.e. shipping and tax are separate).
2011: Management hires an outside contractor to install the equipment in their factory. The invoice was $4,000.
2013: The equipment is discovered to have a malfunction, and its wiring must be repaired. The invoice for this repair was $1,500.
2015: Management installs an $800 2-core generator which allows the equipment to generate units at 2x the rate it did before.
From 2015-2020, the equipment was in use. (For the sake of this question, assume 2015-2020 is when it depreciates.)

Management determines the equipment to have a $9,000 salvage value and a total useful life of 8 years. Assuming a straight-line depreciation method, if the company sells the equipment at the end of 2020 for $45,000, what is the gain/loss of the sale of equipment? Round everything to whole numbers.