Account for disposal of an asset. (LO 5)
Kat & Jen’s Solar Tan disposed of a high-pressure tanning bed that had been used in the business for 3 years. The records of the company provide the following information:
| High-pressure tanning bed | $39,000 |
| Accumulated depreciation | 18,000 |
Calculate the gain or loss on the disposal of the tanning bed for each of the following independent situations:
a. Kat & Jen’s sold the tanning bed to Dark Bodies for $21,000.
b. Kat & Jen’s sold the tanning bed to a customer for $22,550′
c. Kat & Jen’s sold the tanning bed to Angela’s Fitness Center for $18,000.
d. The tanning salon was broken into and the tanning bed was stolen; Kat & Jen’s had no insurance.
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