A fixed asset with a cost of $15,000 and accumulated depreciation of $12,500 is sold for $1,750. What is the amount of gain or loss on disposal of the fixed asset? Oa. $2,500 loss Ob. S750 gain Oc. $2,500 gain Od. S750 loss

A fixed asset with a cost of $15,000 and accumulated depreciation of $12,500 is sold for $1,750. What is the amount of gain or loss on disposal of the fixed asset? Oa. $2,500 loss Ob. S750 gain Oc. $2,500 gain Od. S750 loss

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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Question

A fixed asset with a cost of $15,000 and accumulated depreciation of $12,500 is sold for $1,750. What is the amount of gain or loss on disposal of the fixed asset?
Oa. $2,500 loss
Ob. S750 gain
Oc. $2,500 gain
Od. S750 loss

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