Multiple Choice
A plant asset with a cost of $600,000 and accumulated depreciation of $570,000 is sold for $70,000.What is the amount of the gain or loss on disposal of the plant asset?
A) $70,000 loss
B) $40,000 loss
C) $40,000 gain
D) $70,000 gain
Correct Answer:
Verified
Correct Answer:
Verified
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