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An oil renery has decided to purchase some new drilling equipment for $550,000. The equipment...

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Accounting

An oil renery has decided to purchase some new drilling equipment for $550,000. The equipment will be kept for 10 years before being sold. The estimated SV for depreciation purposes is to be $25,000. If SL depreciation is used and the equipment is sold for $35,000 at the end of 10 years, the taxable gain on the disposal of the equipment is: (Please show excel work, thank you!)

a. $35,000 b. $25,000 c. $15,000 d. $10,000

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