On january 1, 2016, wheeler, inc. purchased some equipment for $3,900. the equipment had an estimated life of five years and an expected residual value of $200. on july, 1, 2018, the equipment was sold for $1,000. wheeler uses straight-line depreciation. refer to exhibit 11-03, what was the amount of the loss or gain recognized in the sale?

Ski powder resort ends its fiscal year on april 30. the business adjusts its accounts monthly, but closes them only at year-end (april 30). the resort's busy season is from december 1 through march 31. adrian pride, the resort's chief financial officer, the museums a close watch on lift ticket revenue and cash. the balances of these accounts at the end of each of the last five months are as follows: