Solve this question fixed asset with a cost of dollar 30,000 andaccumulated depreciation of dollar28,500 issold for dollar 3,500. What is the amount ofthe gain or loss on disposal of the fixedasset?a. dollar 2,000 lossb. dollar 1,500 lossc. dollar 3,500 gaind. dollar 2,000 gain

Step 1:-Define Asset DisposalAt the end of the useful life, long-term assets are either sold or…

Answered: fixed asset with a cost of dollar…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.4MBA

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An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold? a. A gain of $14,000 b. A loss of $14,000 c. A gain of $8,000 d. A loss of $8,000
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Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2020 for Asset A? a. 32,000 b. 25,600 c. 14,400 d. 6,400
An asset that costs $97,600 and has accumulated depreciation of $82,000 is sold for $18,000. What amount of gain or loss will be recognized when the asset is sold? Question 5 options: A gain of $15,600. A loss of $15,600. A loss of $2,400. A gain of $2,400.

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fixed asset with a cost of dollar 30,000 and accumulated depreciation of dollar28,500 is sold for dollar 3,500. What is the amount of the gain or loss on disposal of the fixed asset? a. dollar 2,000 loss b. dollar 1,500 loss c. dollar 3,500 gain d. dollar 2,000 gain