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. In 2015, Edward Edmonds sold a piece of equipment from his business for $160,000....

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Accounting

. In 2015, Edward Edmonds sold a piece of equipment from his business for $160,000. The equipment was purchased in 2012 for $144,000, had a useful life of five years, and was depreciated on a straight line basis. A total of $100,800 depreciation was taken.

a. How is the gain or loss on the sale treated?

b. How would Edward have treated the gain or loss if he had sold the property for $30,000.

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