A fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? a. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 loss

A fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? a. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 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 $34,571 and accumulated depreciation of $31,113.90 is
sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed
asset?
Oa. $3,457.10 loss
Ob. $3,457.10 gain
Oc. $2,419.97 gain
Od. $2,419.97 loss

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Carrying amount of right to use asset at the end of 31st December 2022 = Initial measurement at 1 Jan 2022 - Depreciation for the year = P1,104,558 - P1,104,558/8 years x 1 year = P966,488 Hence, the carrying amount of right to use asset at the end of 2022 is = P966,488Please elaborate this solution and answer. P1,104,558 - P1,104,558 the answer is ZERO, hence if you multipty or divide it with any numbers, the answer would be zero. So, what is the solution for P966,488 answer?