Wilson Corporation reported the following for property and equipment (in millions, adapted): During 2011, Wilson paid $2,510

Question:

Wilson reported the following for property and equipment (in millions, adapted):

Wilson Corporation reported the following for property and equip

During 2011, Wilson paid $2,510 million for new property and equipment. Depreciation for the year totaled $1,546 million. During 2011, Wilson sold property and equipment for cash of $48 million. How much was Wilsons gain or loss on the sale of property and equipment during2011?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...