On january 1 2004 mill corporation purchased for 314000, Ask an Expert

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On january 1, 2004, Mill Corporation purchased for #314,000, equipment having a useful life of ten years and an estimated salvage value of @18,000. Mill has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2012 the equipment was sold for $56,000. As a result of this sale, Mill should recognize a gain or a loss of ??

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M938456

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