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Continental Manufacturing is selling a large piece of production equipment with a book value of...

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Accounting

Continental Manufacturing is selling a large piece of production equipment with a book value of $15,000. If Continentals proceeds on the sale are $12,000, then the company should record a:

-gain of $3,000 in the Other revenues and gains section of its income statement.

-gain of $3,000 in the Other expenses and losses section of its income statement.

-loss of $3,000 in the Other expenses and losses section of its income statement.

-loss of $3,000 in the Other revenues and gains section of its income statement.

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