(Answered) Question - a piece of equipment with a cost of 11000 a

Accounting

Question - A piece of equipment with a cost of $11,000, a useful life of 5 years, and a salvage value of $1,000 is depreciated using the straight-line method. On the first day of the fourth year, the equipment is sold for $4,000. Using this information, compute the gain or loss on the sale of equipment.

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