Business, 24.05.2020 01:02 0Brittany0

Equipment was acquired on January 1, 2021, for $25,000 with an estimated four-year life and $1,000 residual value. The company uses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2023, for $7,600.
a. Cash $7,600 Accumulated Depreciation $18,000 Equipment $25,000 Gain $600
b. Cash $7,600 Equipment $7,000 Gain $600
c. Cash $7,600 Equipment $6,000 Gain $1,600
d. Cash $7,600 Accumulated Depreciation $12,000 Loss $5,400 Equipment $25,000

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Equipment was acquired on January 1, 2021, for $25,000 with an estimated four-year life and $1,000 r...