How much gain or loss need to report on income statement

Reference no: EM131911434

Problem

On march 31, 2006, Jindal Manufacturing purchased on costing $400,000. The equipment had an estimated 5-year life and an expected salvage value of $8000. The company uses the straight line method of depreciation. If we sell the equipment on July 1, 2009 for $158,000. How much gain or loss will we need to report on the income statement.

Reference no: EM131911434

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