A company is selling used office equipment for $12,000.
• They purchased it 2 years ago for $50,000.
• It was expected to have a useful life of 5 years.
• They use straight line depreciation.
What is the gain or loss on the sale?
a) 0 -$28,000
b) -$18,000
c) $30,000
d) $38,000
e) $45,200