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alina1380 [7]
3 years ago
15

On December 31, 2019, Hamilton Inc. sold a used industrial crane for $1,000,000 cash. The original cost of the crane was $5.22 m

illion and its accumulated depreciation equaled $4.31 million on December 31, 2019. What is the gain or loss from the December 31, 2019 equipment sale?a. $910,000 gain.b. $90,000 gain.c. $910,000 loss.d. $90,000 loss.
Business
1 answer:
garik1379 [7]3 years ago
3 0

Answer:

Gain= $90,000

Explanation:

Giving the following information:

Selling price= $1,000,000

Original price= $5,220,000

Accumulated depreciation= $4,310,000

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

Book value= purchase price - accumulated depreciation

Book value= 5,220,000 - 4,310,000

Book value= $910,000

<u>Now, if the selling price is higher than the book value, the company gain from the sale:</u>

Gain/loss= selling price - book value

Gain/loss= 1,000,000 - 910,000

Gain= $90,000

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