James Company sells a plant asset that originally cost $180,000 for $60,000 on December 31, 20x1. The accumulated depreciation account had a balance of $72,000. What should the company recognize?   a. $ 120,000 loss on disposal. b. $ 48,000 loss on disposal. c. $ 48,000 gain on disposal. d. $ 30,000 loss on disposal.

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