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What should the company record as the loss on disposal

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Question - On January 1, year 1 Taylor company purchased a piece of equipment for $20,000. The equipment has an estimated useful life of three years and an estimated salvage value of $5,000. The company uses straight-line depreciation. At the end of year 1, the company throws the equipment away and receives no assets in return. What should the company record as the loss on disposal?

Reference no: EM132594067

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