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What the gain or loss on disposal

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Question - On July 1, 2021, Hale Kennels sells equipment for $220,000. The equipment originally cost $600,000, had an estimated 5-year life and an expected salvage value of $100,000. The accumulated depreciation account had a balance of $350,000 on January 1, 2021, using the straight-line method. What the gain or loss on disposal?

a. $20,000 gain.

b. $30,000 gain.

c. $20,000 loss.

d. $30,000 loss.

Reference no: EM133041643

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