Hogwarts Inc uses the five-year straight-line depreciation method for all equipment purchases. On January 1, 2015, Hogwarts Inc purchases a piece of equipment for use in their operations for $12,000. The salvage value for this piece of equipment is $2,000. On December 31, 2016, Hogwarts sells this piece of equipment to Voldemort Company for $7,500. The gain on the sale of equipment is?
$1,500
$4,500
$2,500
None of the above
Hogwarts Inc?
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- 3+ months ago by BabsHardy
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