A company buys 500 chairs for $80 each on Jan 1 year 1. The same company buys an...
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A company buys 500 chairs for $80 each on Jan 1 year 1. The same company buys another 100 chairs for $100 each on the same day. There is no salvage value for none of the chairs. The cheaper chairs have a life of 8 years and the more expensive chairs have a life of 10 years. All of these chairs are put together into a single group for depreciation purposes. At the beginning of Year 3, one of the cheaper chairs is sold for $67 and one of the more expensive chairs is sold for $79. What gain or loss is recognized in connection with the sale of these 2 chairs
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