On January 1, 2010, Ringo purchased, for $100,000, equipment having a useful life of eight years and an estimated salvage value of $4,000. Ringo has recorded monthly depreciation on the equipment using the straight-line method. On March 1, 2015, the equipment was sold for $46,000. As a result of this sale, Ringo should recognize Answer no gain or loss an $8,000 gain an $8,000 loss a $12,000 gain

            On January 1, 2010, Ringo purchased, for $100,000, equipment having a useful life of eight years and an estimated salvage value of $4,000. Ringo has recorded monthly depreciation on the equipment using the straight-line method. On March 1, 2015, the equipment was sold for $46,000. As a result of this sale, Ringo should recognize

Answer

		no gain or loss
		an $8,000 gain
		an $8,000 loss
		a $12,000 gain

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