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Granite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $71,000. What was the gain or loss on the sale of the equipment?

Respuesta :

Answer:

The loss amount is "$3,000".

Explanation:

The given values are:

Sale amount,

= $16,000

Ice-cream equipment's cost,

= $90,000

Depreciation,

= $71,000

Now,

The book value will be:

= [tex]Ice \cream \ equipment's \ cost-Depreciation[/tex]

On substituting the values, we get

= [tex]90,000-71,000[/tex]

= [tex]19,000[/tex] ($)

The loss on the sale will be:

= [tex]Book \ value -Sale \ amount[/tex]

= [tex]19,000-16,000[/tex]

= [tex]3,000[/tex] ($)

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