Tulip company purchased equipment for $58,000 on january 1, 2017. on december 31, 2019, the equipment was sold for $23,000. accumulated depreciation as of december 31, 2019 was $32,000. calculate gain or loss on the sale.

As a result of a thorough physical inventory, waterway company determined that it had inventory worth $320200 at december 31, 2020. this count did not take into consideration the following facts: walker consignment currently has goods worth $47400 on its sales floor that belong to waterway but are being sold on consignment by walker. the selling price of these goods is $75900. waterway purchased $21900 of goods that were shipped on december 27, fob destination, that will be received by waterway on january 3. determine the correct amount of inventory that waterway should report.