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What is the anticipated gain or loss on the sale of asset

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Problem 1: The RM of Bismarck is looking to sell a piece of equipment in 2010 that they purchased in 2004 for $54,321. When the purchase was completed in 2004, the RM administrator set the asset's useful life at 10 years and a residual value of $5,000. The RM of Bismarck's TCA policy states that they municipality uses straight line depreciation to calculate their annual amortization charge. If the RM anticipates a sale price of $20,000 in 2010, what is the anticipated gain or loss on the sale of the asset?

Reference no: EM133004334

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