A Company Sells a Plant Asset Which Originally Cost $360,000

Multiple Choice

A company sells a plant asset which originally cost $360,000 for $120,000 on December 31, 2015. The Accumulated Depreciation account had a balance of $144,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize a

A) $240,000 loss on disposal.
B) $96,000 gain on disposal.
C) $96,000 loss on disposal.
D) $60,000 loss on disposal.