Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.
Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 61IIP
Question
please provide answer
![Tivoli Instrumentation sold a depreciable asset for cash of $100,000.
The original cost of the asset was $400,000. Tivoli recognized a gain
of $15,000 on the sale. What was the amount of accumulated
depreciation on the asset at the time of its sale?
A) $315,000.
B) $85,000.
C) $385,000.
D) $300,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18bb4af2-ef08-48d0-a350-e0b3504e654d%2F8ecb7bf1-f3aa-4d03-8a2b-5b215aea673c%2F7u5bv2s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Tivoli Instrumentation sold a depreciable asset for cash of $100,000.
The original cost of the asset was $400,000. Tivoli recognized a gain
of $15,000 on the sale. What was the amount of accumulated
depreciation on the asset at the time of its sale?
A) $315,000.
B) $85,000.
C) $385,000.
D) $300,000.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning