Lansing Apparel sold manufacturing equipment for $30,000. Lansing originally the equipment for purchased $95,000, and depreciation through the date of sale totaled $78,000. What was the gain or loss on the sale of the equipment?
Lansing Apparel sold manufacturing equipment for $30,000. Lansing originally the equipment for purchased $95,000, and depreciation through the date of sale totaled $78,000. What was the gain or loss on the sale of the equipment?
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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What was the gain or loss on the sale of the equipment
Transcribed Image Text:Lansing
Apparel
sold
manufacturing equipment for
$30,000. Lansing originally
the equipment for
purchased
$95,000,
and
depreciation
through the date of sale totaled
$78,000.
What was the gain or loss on the
sale of the equipment?
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