Career Services, Incorporated sold some office equipment for $52,000 on December 31, 2021. The journal entry to record the sale would include which of the following if the original cost of the equipment was $80,000 with a residual value of $5,000 and a useful life of 10 years? Assume the machine was purchased on January 1, 2018, and depreciated using the straight-line method.

Career Services, Incorporated sold some office equipment for $52,000 on December 31, 2021. The journal entry to record the sale would include which of the following if the original cost of the equipment was $80,000 with a residual value of $5,000 and a useful life of 10 years? Assume the machine was purchased on January 1, 2018, and depreciated using the straight-line method.



A) Gain of $2,000.

B) Loss of $9,500.

C) Gain of $9,500.

D) Loss of $2,000.


Answer: A


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