7. On January 1, 2022, Minco Corporation purchased, for $100,000, equipment having a useful life...
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Accounting
7. On January 1, 2022, Minco Corporation purchased, for $100,000, equipment having a useful life of eight years and an estimated salvage value of $4,000. Minco has recorded monthly depreciation of the equipment on the straight-line method. On January 1, 2027, the equipment was sold for $39,000. As a result of this sale, Minco should recognize a. $0 b. a $1,500 gain c. a $1,000 loss d. a $13,000 loss
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