Continental Manufacturing is selling a large piece of production equipment with a book value of...
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Accounting
Continental Manufacturing is selling a large piece of production equipment with a book value of $15,000. If Continentals proceeds on the sale are $12,000, then the company should record a:
-gain of $3,000 in the Other revenues and gains section of its income statement.
-gain of $3,000 in the Other expenses and losses section of its income statement.
-loss of $3,000 in the Other expenses and losses section of its income statement.
-loss of $3,000 in the Other revenues and gains section of its income statement.
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