Problem

Alexander Company purchased a piece of equipment for $ 12.000 and depreciated it for three...

Alexander Company purchased a piece of equipment for $ 12.000 and depreciated it for three years over a five-year estimated life with an expected residual value at the end of live years of $2,000. At the end of the third year. Alex decided to upgrade to equipment with increased capacity and sold the original piece of equipment for $7,200. Calculate the gain or .loss on the disposal at the end of the third year.

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