Harris Technologies disposed of an asset at the end of the seventh year of its estimated life for $14,000 cash. The asset's life was originally estimated to be 8 years. The original cost was $60,000 with an estimated residual value of $6,000. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?

Harris Technologies disposed of an asset at the end of the seventh year of its estimated life for $14,000 cash. The asset's life was originally estimated to be 8 years. The original cost was $60,000 with an estimated residual value of $6,000. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 9MC: A fixed asset with a 5-year estimated useful life is sold during the second year. How would the use...

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