On June 30, 2019, Vende, Inc. sold some used equipment for $30,000. The equipment had been purchased several years ago for $65,000. Vende properly recorded a $7,000 gain on the sale. The accumulated depreciation on the equipment at the date of sale was:

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The gain on the sale of the equipment is calculated as the selling price minus the book value of the equipment. The book value is the original cost minus accumulated depreciation. Given a $7,000 gain and a selling price of $30,000, the book value must have been $23,000 ($30,000 - $7,000). Therefore, the accumulated depreciation is the original cost ($65,000) minus the book value ($23,000), which equals $42,000.