INTERMEDIATE ACCOUNTING-NEXTGEN ACCESS
17th Edition
ISBN: 9781119659747
Author: Kieso
Publisher: WILEY
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On January 1, 2011, Phoenix Manufacturing purchased for $875,000, equipment having a useful life of eight years and an estimated salvage value of $67,500. Phoenix has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2018, the equipment was sold for $158,000. As a result of this sale, Phoenix Manufacturing should recognize a gain of___. Help me with this
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