What is the amount of the gain or loss on the disposal

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Question - Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year-end is December 31.

Cost of equipment = 90000

Useful life in years = 6

Residual value = 0

Date purchased = May 1, 2021

Date of disposal = June 30, 2023

Cash received on disposal = 60000

Required -

1. What is the accumulated depreciation on the date of the disposal?

2. What is the book value of the equipment on the date of the disposal?

3. What is the amount of the gain or loss on the disposal?

Reference no: EM133040288

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