Essay
A piece of equipment purchased on January 1,2007,for $16,000 was estimated to have a residual value of $4,000 at the end of its three-year useful life.If the equipment was amortized using the straight-line method and disposed of on December 31,2008,for $5,000,what amount of gain or loss would be reported on the income statement?
Correct Answer:
Verified
Correct Answer:
Verified
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