No ai for this general accounting q 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 ondisposal of the fixed asset?a. $2,000 lossb. $1,500 gainc. $3,500 gaind. $2,000 gain

1. Calculate the Book Value of the Asset:Book Value = Cost - Accumulated DepreciationBook Value =…

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