During the third quarter of 20X8,Pride Company sold a piece of equipment at an $8,000
Gain.What portion of the gain should Pride report in its income statement for the third
Quarter of 20X8?
A) $0
B) $2,000
C) $4,000
D) $8,000

Question

Quizplus · Accepted Answer

The entire gain of $8,000 should be reported in the income statement for the third quarter of 20X8, as gains from the sale of equipment are recognized in full in the period in which the sale occurs.

During the Third Quarter of 20X8,Pride Company Sold a Piece