Can anyone help me out with an accounting problem? - Gain on Sale?
Given: beginning gross PP&E: $100 ending gross PP&E: $256 cost of gross PP&E purchased during the year: $237 beginning accumulated depreciation: $29 ending accumulated depreciation: $98 depreciation expense during the year: $124 proceeds from sale of PP&E during the year: $49
Question: calculate the GAIN ON SALE OF PP&E during the year
Thanks!
Its been a while since I last took accounting but I'm getting 23.
Debit cash 49 Debit A/D 55 (plug number) Credit PPE 81 (plug number) Credit Gain 23 (plug number)
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