Joe england sold equipment on may 10 2014 for 180000 he, Accounting Basics

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Joe england sold equipment on may 10 2014 for 180000 he

Problem

Joe England sold equipment on May 10, 2014 for $180,000. He bought the equipment on November 7, 2012 for $140,000, and accumulated depreciation at the date of sale was $60,000. Joe collected $90,000 in 2014 and will collect $90,000 in 2015. Joe used the installment method for the sale. What is Joe's recognized gain in 204 and 2015?

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Accounting Basics: Joe england sold equipment on may 10 2014 for 180000 he

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Accounting Basics: Joe england sold equipment on may 10 2014 for 180000 he

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