Please assist with the question below: Computing and Recording Gain or Loss...
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Accounting
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Computing and Recording Gain or Loss on Asset Sale The following information was provided in the 2014 10-K report of Golden Enterprises, Ind. Note 10: Land, Buildings and Equipment May 30, 2014 May 31, 2013 Property, Plant and Equipment, Gross, Total $95,174,198 $93,022,443 Less: Accumulated depreciation Property, Plant and Equipment, Net, Total $25,671,344 $27,095,054 69,502,854 65,927,389 The company's statement of cash flows, including the reconciliation of net income to cash from operations, provided the following information for the year ended May 30, 2014: Depreciation expense was $3,778,563. Purchases of property, plant, and equipment were $2,380,287. Proceeds from the sale of property, plant, and equipment were $48,125
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