Prinkle Corporation purchased equipment for $56,000 on January 1,2016.On December 31,2018,the equipment was sold for $23,000.Accumulated Depreciation as of December 31,2018 was $32,000.
Calculate gain or loss on the sale.
A) $1,000 gain
B) $1,000 loss
C) $32,000 loss
D) no gain no loss
Correct Answer:
Verified
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