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What the sale of the equipment resulted in

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QUESTION 1: A piece of Equipment, that has a useful life of 5 years with no salvage value was purchased in 2000 for $20,000. It is depreciated on a straight line basis. After 3 years, it was sold for $10,000. The sale of the equipment resulted in:

Option a. Loss of $20,000

Option b. Loss of $2,000

Option c. Gain of $2,000

Option d. $10,000

Option e. None of the above

Reference no: EM132582243

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