Prinkle Corporation Purchased Equipment for $56,000 on January 1,2016

question 85

Multiple Choice

Prinkle Corporation purchased equipment for $56,000 on January 1,2016.On December 31,2018,the equipment was sold for $23,000.Accumulated Depreciation as of December 31,2018 was $32,000.
Calculate gain or loss on the sale.

• A)$1,000 gain
• B)$1,000 loss
• C)$32,000 loss
• D)no gain no loss

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