A company has equipment that originally cost $176,500. The equipment was purchased six years ago,...
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Accounting
A company has equipment that originally cost $176,500. The equipment was purchased six years ago, at which time it had an estimated useful life of 10 years and a residual value of $17,600. The straight line method of depreciation was selected. At the end of year 6, December 31, the equipment's accumulated depreciation was 595,340.The equipment was sold on September 1 of the current year for $76,400. Select the correct responses for the following 1. Was there a gain or loss on equipment sale? 2. Amount (5) of the gain or loss on sale
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