a textile factory buys equipment on 1/1/2012 for the amount of 120,000$. equipment is expected...

90.2K

Verified Solution

Question

Accounting

a textile factory buys equipment on 1/1/2012 for the amount of 120,000$. equipment is expected to last 15 years with a residual value of 6,700$. the factory calculates monthly depreciation expense. The factory sells the equipment for 105,000$ on 7/31/2018.
what Gain or loss recorded on date of sale

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students