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On July 1, 2023, equipment is sold for $44,000. The equipment originally cost $120,000, had...

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Accounting

On July 1, 2023, equipment is sold for $44,000. The equipment originally cost $120,000, had an estimated 5-year life and an expected salvage value of $20,000. The Accumulated Depreciation account had a balance of $70,000 on December 31, 2022, using the straight-line method. The gain or loss on disposal of the equipment is Question 21 options: $4,000 loss $4,000 gain $8,000 loss $6,000 gain

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