Give step by step calculation for this accounting question A fixed asset with a cost of $27,000and accumulated depreciation of$24,300 is sold for $4,590. What is theamount of the gain or loss on disposalof the fixed asset?a. $1,890 gainb. $2,700 gainc. $2,700 lossd. $1,890 loss

Step 1: Introduction to the Asset DisposalAsset disposal is selling or retiring an asset from the…

Answered: A fixed asset with a cost of $27,000…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 11MCQ

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A fixed asset with a cost of $27,000 and accumulated depreciation of $24,300 is sold for $4,590. What is the amount of the gain or loss on disposal of the fixed asset? a. $1,890 gain b. $2,700 gain c. $2,700 loss d. $1,890 loss