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Sheridan's Ltd. has a December 31 year end. On April 2,2024, Sheridan purchased a piece...

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Accounting

Sheridan's Ltd. has a December 31 year end. On April 2,2024, Sheridan purchased a piece of equipment at a cost of $238,000.
Sheridan's management estimated that this piece of equipment would have a useful life of five years and a residual value of $28,000.
Sheridan uses the straight-line method for depreciating its manufacturing equipment.
If Sheridan sold the piece of equipment on June 30,2026, for $134,500, what amount of gain or loss would have to becordeof $28,000. Bob uses the straight line method for depreciating its manufacturing equipment. If bob sold the price of the equipment on June 30th 2026 for $134500, what amount of gain or loss would have been recorded?
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