A county acquires equipment for $500,000, for use for a community program, reported in an...
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Accounting
A county acquires equipment for $500,000, for use for a community program, reported in an enterprise fund. The equipment has a 5-year life, no residual value. After 3 years, the equipment is sold for $275,000. Straight-line depreciation is used if appropriate. How is the sale reported in the enterprise funds operating statement?
Select one:
a. Loss on sale, $225,000
b. Revenue, $275,000
c. Gain on sale, $75,000
d. Other financing source, $275,000
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