Prinkle Corporation purchased equipment for $56,000

Monday August 1, 2022

Prinkle Corporation purchased equipment for $56,000

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May 12, 2017

Prinkle Corporation purchased equipment for $56,000
Prinkle Corporation purchased equipment for $56,000 on January 1, 2016. On December 31, 2018, the equipment was sold for $23,000. Accumulated Depreciation as of December 31, 2018 was $32,000.

Calculate gain or loss on the sale.

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