A fixed asset with a cost of dollar 42,200 and accumulateddepreciation of dollar 36,500 is sold for dollar 9,850. Whatis the amount of the gain or loss on disposal of the fixedasset?a. dollar 4,100 lossb. dollar 3,500 lossc. dollar 4,150 gaind. dollar 2,000 gain

Explanation of Fixed Asset: A fixed asset is a long-term tangible piece of property or equipment…

Answered: A fixed asset with a cost of dollar…

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 fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset? a. dollar 4,100 loss b. dollar 3,500 loss c. dollar 4,150 gain d. dollar 2,000 gain