What is the financial result of this accounting question? Omega Printing Services purchased a commercial printer for$120,000 when new. The accumulated depreciation on theprinter is $115,000. If the business discards this plant asset,what is the financial result?a. A loss of $5,000.b. A loss of $10,000.c. A gain of $5,000.d. A gain of $10,000.

Step 1: Define Financial Result upon Disposal of AssetWhen a plant asset is discarded, the financial…

Answered: Omega Printing Services purchased a…

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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Omega Printing Services purchased a commercial printer for $120,000 when new. The accumulated depreciation on the printer is $115,000. If the business discards this plant asset, what is the financial result? a. A loss of $5,000. b. A loss of $10,000. c. A gain of $5,000. d. A gain of $10,000.