Computing Gain on Sale of Property, Plant, and Equipment Lora Company reported the following information...
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Accounting
Computing Gain on Sale of Property, Plant, and Equipment
Lora Company reported the following information related to its long-term assets:
| Property, plant, and equipment, beginning balance | $235,000 | |
| Property, plant, and equipment, ending balance | 265,000 | |
| Accumulated depreciation, beginning balance | 86,000 | |
| Accumulated depreciation, ending balance | 84,000 | |
| Depreciation expense | 14,500 |
In addition, the company disclosed that it sold equipment with a historical cost of $30,000 for $26,000.
Using this information, compute the gain on the sale of equipment.
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