I want to answer this question A fixed asset with a cost of $30,000 and accumulateddepreciation of $28.000 is sold for $3.500. What is theamount of the gain or loss on disposal of the fixed asset?a. $2,000 lossb. $1.500 gainc. $3,500 gaind. $2.000 gain

Step 1: Introduction to the Asset DisposalWhen fixed assets are sold or scrapped at the end of their…

Answered: A fixed asset with a cost of $30,000…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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A fixed asset with a cost of $30,000 and accumulated depreciation of $28.000 is sold for $3.500. What is the amount of the gain or loss on disposal of the fixed asset? a. $2,000 loss b. $1.500 gain c. $3,500 gain d. $2.000 gain