Provide correct answer general accounting question A delivery truck was purchased for $120,000 and has accumulateddepreciation of $108,000. If the business scraps this truck with nosalvage value, the result isa. a loss of $12,000.b. a loss of $120,000.c. a gain of $12,000.d. a gain of $108,000.

Step 1: Definition of Loss or Gain on Disposal of an AssetWhen a business disposes of an asset, the…

Answered: A delivery truck was purchased for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A delivery truck was purchased for $120,000 and has accumulated depreciation of $108,000. If the business scraps this truck with no salvage value, the result is a. a loss of $12,000. b. a loss of $120,000. c. a gain of $12,000. d. a gain of $108,000.