Care Foundation is a voluntary health and welfare organization funded by contributions from the general public.Care sold equipment for $30,000 which cost $40,000 and had a book value of $25,000 at the time of sale.In recording the sale,Care should:

Question

Quizplus · Accepted Answer

Care should record a gain of $5,000, which is the difference between the sale price ($30,000) and the book value ($25,000).

Care Foundation Is a Voluntary Health and Welfare Organization Funded