A business sold a forklift for $24,000 cash. The forklift costs $62,000 and had accumulated depreciation of $45,000 as of the date of sale. The sale would include a(n): A. increase in Accumulated Depreciation for $45,000 B. decrease in Forklift for $17,000 C. increase in a loss for $7,000 D. increase in a gain for $7,000

A business sold a forklift for $24,000 cash. The forklift costs $62,000 and had accumulated depreciation of $45,000 as of the date of sale. The sale would include a(n): A. increase in Accumulated Depreciation for $45,000 B. decrease in Forklift for $17,000 C. increase in a loss for $7,000 D. increase in a gain for $7,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 14PB: Garcia Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Garcia...

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