Solved: Mccarthy sold the equipment on december 31 2017 for 112000, Accounting Basics

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Mccarthy sold the equipment on december 31 2017 for 112000

Question - On January 1, 2009, McCarthy Converting purchased equipment for $608,000. At that time, the machine had an estimated 10-year useful life and $32,000 salvage value. McCarthy has recorded monthly straight-line depreciation on the equipment. McCarthy sold the equipment on December 31, 2017 for $112,000. How much gain should McCarthy recognize on the sale?

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Accounting Basics: Mccarthy sold the equipment on december 31 2017 for 112000

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