equipment acquired on January 8 at a cost of $84,000 has an estimated useful life...
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Accounting
equipment acquired on January 8 at a cost of $84,000 has an estimated useful life of 10 years, has an estimated residual value of $14,000 and is depreciated by the straight line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for $67,500, determine the gain or loss on the sale of the equipment.
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