Granite stone creamery sold ice cream equipment for $11,600. granite stone originally purchased the equipment for $78,000, and depreciation through the date of sale totaled $64,500. what was the gain or loss on the sale of the equipment?

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Business

Cuddles

7 October, 00:03

Granite stone creamery sold ice cream equipment for $11,600. granite stone originally purchased the equipment for $78,000, and depreciation through the date of sale totaled $64,500. what was the gain or loss on the sale of the equipment?

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Jair Stanton · Answer 1

Original price = $78,000

depreciation = $64,500

Selling price = $11,600

the least money that Granite should have sold the ice cream equipment to avoid any loss is 78,000-64,500 = 13,500 but he sold it at $11,600 making a loss of 13500-11600 = $1900

Granite made a loss of $1900 on the sale of the equipment.