Lawler Clothing sold manufacturing equipment for $25,000. Lawler originally purchased the equipment for $89,000, and depreciation through the date of sale totaled $75,500. What was the gain or loss on the sale of the equipment?
Lawler Clothing sold manufacturing equipment for $25,000. Lawler originally purchased the equipment for $89,000, and depreciation through the date of sale totaled $75,500. What was the gain or loss on the sale of the equipment?
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 64P
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Transcribed Image Text:Lawler Clothing sold manufacturing equipment for $25,000.
Lawler originally purchased the equipment for $89,000, and
depreciation through the date of sale totaled $75,500.
What was the gain or loss on the sale of the equipment?
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