The balance of accumulated depreciation on January 1 and December 31, 2017 is $54,000 and $58,000, respectively. During 2017, depreciation expense is $18,000, and equipment with a cost of $20,000 is sold for $4,000. Calculate the loss or gain from the sale of equipment.

Question

Quizplus · Accepted Answer

The Answer of The balance of accumulated depreciation on January 1 and December 31, 2017 is $54,000 and $58,000, respectively. During 2017, depreciation expense is $18,000, and equipment with a cost of $20,000 is sold for $4,000. Calculate the loss or gain from the sale of equipment.

The Balance of Accumulated Depreciation on January 1 and December