General Accounting question Equipment with an original cost of $120,000 andaccumulated depreciation of $75,000 was sold for $35,000cash. What is the gain or loss on disposal?.a. Loss of $10,000•b. Gain of $10,000•c. Loss of $85,000. d. Gain of $85,000

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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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Equipment with an original cost of $120,000 and accumulated depreciation of $75,000 was sold for $35,000 cash. What is the gain or loss on disposal? . a. Loss of $10,000 • b. Gain of $10,000 • c. Loss of $85,000 . d. Gain of $85,000