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
In which method depreciation is charged on the book value of asset and book value is decreased each year by the depreciation O a. Written Down Value Method Ob. Straight Line Method C Sinking Fund Method Od Annuity Method
Consider the following data on an asset:Cost of the asset. I $ 120,000Useful life. N 5 yearsSalvage value. S $30.000Compute the annual depreciation allowances and the resulting book valtu.:s.using the following methods:(a) The straight-line depreciation method(b) TI1e declining-balance method

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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