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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A fixed asset with a cost of $50,207 and accumulated depreciation of $42,676 is traded for a similar asset priced at $61,005. Assuming a trade-in allowance of $5,131, the recognized loss on the trade is a.$5,131 b.$18,329 c.$2,400 d.$7,531
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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