In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of...
In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of $ 84,000 and accumulated depreciation as of the date of sale was $ 60,000.BayKing also purchased held-to-maturity securities for $7,000. What is the gain or loss on the sale of the equipment?
A. $39,000 gain
B. $2,000 loss
C. $24,000 gain
D. $17,000 loss
Homework Answers
| Cash | $22,000 | |
| Accumulated depreciation | $60,000 | |
| Loss on sale | $2,000 | |
| Equipment | $84,000 |
The answer is B.
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