Granite Stone Creamery sold ice cream equipment for $15,200. Granite Stone originally purchased the equipment for...
Granite Stone Creamery sold ice cream equipment for $15,200. Granite Stone originally purchased the equipment for $88,000, and depreciation through the date of sale totaled $70,000. What was the gain or loss on the sale of the equipment? Please include sale amount, less, cost of ice cream equipment, and book value.
Homework Answers
Book value of equipment
= Cost - Accumulated Depreciation
= 88,000 - 70,000
= 18,000
Gain (Loss) = Cash received - Book value
= 15,200 - 18,000
= Loss $2,800
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