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Compute the gain or loss on disposal

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Reference no: EM133014617

Question - ABC Company sold a piece of equipment on September 30, 2018 for $190,000 cash. The equipment had been purchased on January 1, 2012 for $450,000. It had an estimated useful life of 10 years and a $50,000 residual value. ABC Company has been using the straight-line method of depreciation and has a year-end of December 31st. Compute the gain or loss on disposal and show the computation.

Reference no: EM133014617

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