# a company is selling used office quipment for \$12000 they purchased it 2 years ago for \$50000 what is the gain or loss on the sale

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## Question:

a company is selling used office quipment for \$12000 they purchased it 2 years ago for \$50000 what is the gain or loss on the sale

( B ) -\$18,000

Explanation:

Calculation for the gain or loss on the sale

First step is to calculate for the depreciation of equipment

Depreciation of equipment = (\$50,000 – 0) / 5

Depreciation of equipment= \$10,00 per year

Second step is to find the value of the asset after 2 years

Value of asset after two year = \$50,000 – \$20,000

Value of asset after two year Value= \$30,000

Third step is to calculate the loss on the selling asset

Loss on selling asset = \$12,000 – \$30,000

Loss on selling asset =- \$18,000

Therefore the loss on the sale will be – \$18,000

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