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On June 1, 2024, XYZ Company paid $357,000 to purchase land, a building, and some...

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Accounting

On June 1, 2024, XYZ Company paid $357,000 to purchase land, a building, and some equipment. The market value of these assets on that date were: land $68,000; building $220,000; equipment $112,000. The equipment was assigned a useful life of 15 years and a $6,000 residual value. The equipment will be depreciated using the straight-line method. On November 1, 2030, XYZ Company sold the equipment for $33,900 cash. Calculate the amount of the loss recorded on the sale of the equipment.

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