Colleen’s Cookies sold a piece of equipment on January 1, 2018. The company originally purchased the equipment 20 years ago for $200,000. Accumulated…
Colleen’s Cookies sold a piece of equipment on January 1, 2018. The company originally purchased the equipment 20 years ago for $200,000. Accumulated depreciation on the date of sale was $120,000. The sale resulted in a gain of $5,000.
What was the sales price of the equipment?
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