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Calculate the gain or loss on disposal

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Problem - On January 1, year 1, ABC. Ltd. purchased a piece of equipment with a cost of $ 140000. The equipment has a useful life of 15 years and a residual value of $ 15000 and is being depreciated under the straight line method. The equipment was sold on July 1, year 5 for $ 110000. Calculate the gain or loss on disposal.

Reference no: EM132761586

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