Prinkle Company Had Purchased Equipment for $50,000 on January 1

question 9

Multiple Choice

Prinkle Company had purchased equipment for $50,000 on January 1, 2015. On December 31, 2017, the company sold the equipment for $23,000. Accumulated Depreciation as of December 31, 2017 was $25,000. Calculate gain or loss on sale.

• A)$2,000 gain
• B)$2,000 loss
• C)no gain no loss
• D)$25,000 loss

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Definitions:

Linguistic Relativity

The hypothesis that the structure of a language affects its speakers' world view or cognition.

Cognitive Development

The process by which an individual's ability to think, reason, and understand the world develops through childhood into adulthood.

Social Communication

The process of exchanging information, both verbally and non-verbally, within a social context.

Functional Value

The practicality and usefulness of a product or service as perceived by consumers.