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Thompson Company had the following excerpt from its financial records: Additional Resources /12/312022 /12/312021 Equipment $827,000 $757,000 Accumulated Depreciation 469,000 437,000 Book Value $358,000 $320,000
Thompson Company had the following excerpt from its financial records:
Additional Resources
/12/312022 /12/312021 Equipment $827,000 $757,000 Accumulated Depreciation 469,000 437,000 Book Value $358,000 $320,000
The following information is taken from Thompson Company's records:
- Depreciation expense for 2022 and 2021 was $83,000 and $90,000, respectively.
- Equipment was purchased during 2022 for $135,000 cash.
- Equipment was sold during 2022 for $28,000.
Required:
Compute the gain recognized on the sale of the equipment.
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