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Compute the gain or loss on the sale of the equipment

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Question - A piece of equipment with a cost of $11,000, a useful life of 5 years, and a salvage value of $1000 is depreciated using the straight-line method. On the first day of the fourth year, the equipment is sold for $4,000. Using this information, compute the gain or loss on the sale of the equipment.

a. $1000 gain

b. $3000 loss

c. $2000 gain

d. $1000 loss

e. None of these

Reference no: EM132193225

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