Business, 06.05.2020 08:33 hhaacahh3588

Prine Company purchased equipment on January 1, 2018, for $ 25 comma 000. Suppose Prine Company sold the equipment for $ 3 comma 000 on December 31 comma 2019. Accumulated Depreciation as of December 31, 2019, was $ 16 comma 000. Journalize the sale of the equipment, assuming straight-line depreciation was used.

Required:
a. Calculate any gain or loss on the sale of the equipment.
b. Journalize the sale of the equipment

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Prine Company purchased equipment on January 1, 2018, for $ 25 comma 000. Suppose Prine Company sold...

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