A plant asset with a cost of $360,000 and accumulated depreciation of $342,000 is sold for $42,000. What is the amount of the gain or loss on disposal of the plant asset? a. $42,000 loss. b. $24,000 loss. c. $24,000 gain. d. $42,000 gain.

A plant asset with a cost of $360,000 and accumulated depreciation of $342,000 is sold for $42,000. What is the amount of the gain or loss on disposal of the plant asset? a. $42,000 loss. b. $24,000 loss. c. $24,000 gain. d. $42,000 gain.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 6MC: At the end of the expected useful life of a depreciable asset with an estimated 15% residual value,...

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Need help with this accounting question

A plant asset with a cost of $360,000 and accumulated
depreciation of $342,000 is sold for $42,000. What is the
amount of the gain or loss on disposal of the plant asset?
a. $42,000 loss.
b. $24,000 loss.
c. $24,000 gain.
d. $42,000 gain.

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