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

Answer:

Answer:

( 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

From the answer and question examples above, hopefully, they might guide the student deal with the question they had been looking for and observe of most things declared in the answer above. You can potentially then have a discussion with your classmate and continue the school learning by studying the topic as a group.

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