A corporation disposed of equipment that originally cost $250,000 for $75,000 when accumulated depreciation on the equipment was $190,000. What is the amount of gain or loss recorded on the sale of this equipment?
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- What was the amount of accumulated depreciation on the asset at the time of its saleplease provide answerA company sold a piece of equipment that originally cost $55,000 for $20,000 when accumulated depreciation on the equipment was $40,000. What is the amount of gain or loss recorded on the sale of this equipment?
- Gain or Loss?CCC Manufacturing Inc. sold equipment that it uses in its business for $110,000. CCC bought the equipment two years ago for $95,000 and has claimed $10,000 of depreciation expense. What is the amount and character of CCC's gain or loss? $25,000 ordinary gain. $25,000 capital gain. $10,000 ordinary gain and $15,000 §1231 gain. $15,000 ordinary gain and $10,000 §1231 gain.What was the gain or loss on the disposal ??
- Gain or loss?Ladd Company sold a plant asset that originally cost$50,000 for $22,000 cash. If Ladd correctly reports a$5,000 gain on this sale, the accumulated depreciation onthe asset at the date of sale must have been:a. $33,000.b. $28,000.c. $23,000.d. Some other amount.What is gain or loss realized on the sale of the machine on these financial accounting question?