Tulip Company purchased equipment for $58,000 on January 1,2017.On December 31,2019,the equipment was sold for $23,000.Accumulated Depreciation as of December 31,2019 was $32,000. Calculate gain or loss on the sale.
A) $3000 gain
B) $3000 loss
C) $32,000 loss
D) no gain no loss
Correct Answer:
Verified
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