Solved: Assuming the equipment was sold at the end of the sixth, Accounting Basics

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Assuming the equipment was sold at the end of the sixth

1. Equipment was acquired at the beginning of the year at a cost of $160,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $17,500.

(a) What was the depreciation for the first year?

(b) Assuming the equipment was sold at the end of the sixth year for $90,000; determine the gain or loss on the sale of the equipment.

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Accounting Basics: Assuming the equipment was sold at the end of the sixth

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