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Calculate the amount of the gain amount

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Question - On June 1, 2028 June 1, 2028, Ba9-Uz7 Company paid $176,000 to purchase equipment. The equipment was assigned a useful life of 15 years and a residual value of $1,400. The equipment will be depreciated using the straight straight line method line method.

On November 1, 2034 November 1, 2034, XYZ Company sold the equipment for $124,000 cash.

Calculate the amount of the gain amount of the gain recorded on the sale of the equipment.

Reference no: EM132929070

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