In 2023, BayKing Company sold used equipment for $20,000. The equipment had an original cost of $90,000 and accumulated depreciation as of the date of sale was $69,000. BayKing also purchased held-to-maturity securities for $7,000. What is the gain or loss on the sale of the equipment? Group of answer choices $21,000 gain $1000 loss $14,000 loss $34,000 gain

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In 2023, BayKing Company sold used equipment for $20,000. The equipment had an original cost of $90,000 and accumulated depreciation as of the date of sale was $69,000. BayKing also purchased held-to-maturity securities for $7,000. What is the gain or loss on the sale of the equipment?
Group of answer choices
$21,000 gain
$1000 loss
$14,000 loss
$34,000 gain
 
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