A. A business sold a forklift for $24,000 cash. The forklift costs $62,000 and had accumulated depreciation of $45,000 as of the date of sale. The sale would include a(n): increase in Accumulated Depreciation for $45,000 B. decrease in Forklift for $17,000 C. increase in a loss for $7,000 D. increase in a gain for $7,000
A. A business sold a forklift for $24,000 cash. The forklift costs $62,000 and had accumulated depreciation of $45,000 as of the date of sale. The sale would include a(n): increase in Accumulated Depreciation for $45,000 B. decrease in Forklift for $17,000 C. increase in a loss for $7,000 D. increase in a gain for $7,000
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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Transcribed Image Text:A.
A business sold a forklift for $24,000
cash. The forklift costs $62,000 and had
accumulated depreciation of $45,000 as
of the date of sale. The sale would include
a(n):
increase in Accumulated
Depreciation for $45,000 B. decrease in
Forklift for $17,000 C. increase in a loss
for $7,000 D. increase in a gain for
$7,000
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