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In: Accounting

On June 1, 2016, XYZ Company paid $375,000 to purchase land, a building, and some equipment....

On June 1, 2016, XYZ Company paid $375,000 to purchase land, a building,
and some equipment. The market value of these assets on that date were:
land $68,000; building $220,000; equipment $112,000. The equipment was
assigned a useful life of 15 years and a $6,000 residual value. The
equipment will be depreciated using the straight-line method.

On November 30, 2023, XYZ Company sold the equipment for $39,300 cash.

Calculate the amount of the loss recorded on the sale of the equipment.

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ekkarill92 answered 1 year ago
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