The equipment originally cost 140000 but it had an adjusted, Accounting Basics

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The equipment originally cost 140000 but it had an adjusted

Problem

Jenkins Corporation sold equipment used in its business for cash. The amount realized was $80,000. The equipment originally cost $140,000, but it had an adjusted basis of $60,000 at the time of the sale. What is the gain or loss realized by Jenkins Corporation?

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Accounting Basics: The equipment originally cost 140000 but it had an adjusted

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