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What the gain or loss on disposal will be

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Problem 1: Deland Company purchased an equipment for $35,600 on Jan 1, 2005. The machine has been depreciated using the double declining balance method over a 10-year life and $600 residual value. Deland sold the machine on January 1, 2006, for $30,000. The gain or loss on disposal will be

a. $1,520 gain
b. $1,520 loss
c. $1,300 gain
d. $2,100 gain

Reference no: EM132749673

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