Wilbur Company sells equipment on March 31, 2017, for $43,000 cash. The equipment was purchased on January 5, 2014, at a cost of $86,400, and had an estimated useful life of five years and a residual value of $5,200. Wilbur Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, Calculate the gain or loss on the sale of the equipment. Round answer to nearest whole dollar. Enter without decimal places or dollar signs. If negative enter a "-" at the beginning of the number.

Wilbur Company sells equipment on March 31, 2017, for $43,000 cash. The equipment was purchased on January 5, 2014, at a cost of $86,400, and had an estimated useful life of five years and a residual value of $5,200. Wilbur Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, Calculate the gain or loss on the sale of the equipment. Round answer to nearest whole dollar. Enter without decimal places or dollar signs. If negative enter a "-" at the beginning of the number.

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Description: Question 14Listen>Wilbur Company sells equipment on March 31, 2017, for $43,000 cash. Theequipment was purchased on January 5, 2014, at a cost of $86,400, and had anestimated useful life of five years and a residual value of $5,200. Wilbur Companyus

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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