Multiple Choice
Foghorn Ltd. has an asset with an original cost of $16,000 and a carrying amount (net book value) today of $4,400. The Company no longer needs the asset and has decided to sell it today for $3,000 cash. The journal entry Foghorn will use to record the sale includes:
A) a debit to the asset account for $4,400.
B) a credit to cash account for $3,000.
C) a debit to accumulated amortization for $11,600.
D) a credit to the asset account for $4,400.
Correct Answer:
Verified
Correct Answer:
Verified
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