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Angelina_Jolie [31]
3 years ago
7

Sold clothing manufacturing equipment for $31,000. originally purchased the equipment for $95,000, and depreciation through the

date of sale totaled $78,500. What was the gain or loss on the sale of the equipment?
Business
1 answer:
Andreas93 [3]3 years ago
7 0

Answer:

Gain= $14,500

Explanation:

<u>First, we need to calculate the book value of the equipment:</u>

Book value= purchase price - accumulated depreciation

Book value= 95,000 - 78,500

Book value= $16,500

<u>If the selling price is higher than the book value, the company made a profit by selling the equipment.</u>

Gain/loss= selling price - book value

Gain/loss= 31,000 - 16,500

Gain= $14,500

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