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What is the gain on the sale of the equipment

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Reference no: EM132752928

Problem - Equipment purchased on January 3 for $80,000 was depreciated using the straight-line method based upon a five-year life and $7,500 residual value. The equipment was sold three years later on December 31 for $40,000. What is the gain on the sale of the equipment?

a. $3,500

b. $14,500

c. $36,500

d. $43,500

Reference no: EM132752928

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