When a company sells a piece of equipment or land,any gain (sales price less the book value of the asset or residual value)is thought to be a capital gain.

Question

Quizplus · Accepted Answer

The gain from selling a piece of equipment or land is considered a capital gain for tax purposes, but in accounting, it is recorded as a gain on sale of asset, which is distinct from capital gains in financial reporting.

When a Company Sells a Piece of Equipment or Land,any