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this is a class that is supposed to build off of an Accounting Foundations course I took last year, and this is only the 2nd
this is a class that is supposed to build off of an Accounting Foundations course I took last year, and this is only the 2nd homework problem. however, I am already struggling. can anyone assist me with this? thanks in advance!
The Income Statement 125 Problem 2 The Adams Caf sold three pieces of equipment during 20x1, as follows: 1. A range costing $6,000 and depreciated down to $1,000 was sold for a "gain" of $500. How much cash was received? 2. A delivery van that originally cost $30,000 was depreciated using the straight-line method over a three-year life. Assume a salvage value of $3,000. At the end of exactly two years of use, the van was sold for $15,000. What was the gain or loss on the sale? 3. A computer that originally cost $3,000 was sold for $500 after the Adams Caf used it! for a single year. It was being depreciated using the double declining balance method. Assume its estimated life when it was purchased was three years. What was the gain or loss on the sale
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