QUESTION 18 On Jan. 1, 2012, ABC Corporation placed into service a lift truck that had a capitalized acquisition cost of $22,500, estimated useful life of 16 years, and estimated salvage value of $2,500. On June 30, 2020, ABC sold the used lift truck for $8,475. Accumulated depreciation on the sale date was $10,625. What is the amount of gain or loss that ABC should recognize? Enter a positive number for a gain or a negative number for a loss, e.g., xx or -Xx.

QUESTION 18 On Jan. 1, 2012, ABC Corporation placed into service a lift truck that had a capitalized acquisition cost of $22,500, estimated useful life of 16 years, and estimated salvage value of $2,500. On June 30, 2020, ABC sold the used lift truck for $8,475. Accumulated depreciation on the sale date was $10,625. What is the amount of gain or loss that ABC should recognize? Enter a positive number for a gain or a negative number for a loss, e.g., xx or -Xx.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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