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The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year.
The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction? A. Gain of $30,000 b. Loss of $30,000 c. No gain or loss d. Cannot be determined ANS: C DIF: Easy OBJ: 10-03 NAT: AACSB Analytic | AICPA FN-Measurement 49. On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $10,000. What is the amount of the gain or loss on this transaction?
