What the gain or loss on the sale was

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Question 1: On April 1, 2019, Tool Ltd. sells equipment for $18,000. The original cost was $50,000, the estimated residual value was $8,000, and the expected useful life was seven years. On December 31, 2018 the Accumulated Depreciation account had a balance of $29,400. If the straight-line method of depreciation was used, the gain or loss on the sale was

Option 1: $1,100 loss.

Option 2: $2,600 gain.

Option 3: $850 loss.

Option 4: $300 gain.

Option 5: None of the above.

Reference no: EM132495115

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