Sale of Equipment Equipment was acquired at the beginning of the year at...
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Accounting
Sale of Equipment
Equipment was acquired at the beginning of the year at a cost of $ The equipment was depreciated using the straightline method based on an estimated useful life of years and an estimated residual value of $
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a What was the depreciation for the first year? Round your answer to the nearest cent.
$
b Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $ Round your answer to the nearest cent. Enter your answer as a positive amount.
$
what are the steps for getting the correct answer for part b
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