Excalibur Company Sells Equipment for $20,000 Cash

question 109

Multiple Choice

Excalibur Company sells equipment for $20,000 cash.The gain or loss on the sale of equipment equals:

• A)the cash received upon the sale.
• B)the book value of the equipment.
• C)the accumulated depreciation of the equipment plus the cash received from the sale.
• D)the difference between the cash received on sale and the book value of the equipment.

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