A fixed asset with a cost of $24,000 and accumulated depreciation of $21,600 is sold for $4,080. What is the amount of the gain or loss on the sale of thefixed asset?a. $1,680 lossb. $1,680 gainc. $2,400 lossOd. $2,400 gain

Answer : Value of assets at the time of sale = cost - accumulated depreciation =$24,000 -$21,600 = $2400 Gain or loss = Selling price - Value of assets at the time of sale = $4,080- $2,400 = $1,680 GainSo option b. $1,680 gain is correct answer.

Answered: sset? 1,680 loss 1,680 gain 2,400 loss…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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sset? 1,680 loss 1,680 gain 2,400 loss 2,400 gain