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Determine the gain or loss on the sale of the equipment

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Reference no: EM132682053

Problem - Sale of equipment

Equipment was acquired at the beginning of the year at a cost of $215,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 18 years and an estimated residual value of $39,500.

a. What was the depreciation for the first year?

b. Assuming the equipment was sold at the end of the eighth year for $128,000, determine the gain or loss on the sale of the equipment.

c. Journalize the entry to record the sale.

Reference no: EM132682053

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