Multiple Choice
On July 1, 2022, Happy Hound Kennels Inc.sells equipment for $20,000.The equipment originally cost $80,000, had an estimated 5-year life and an expected residual value of $10,000.The Accumulated Depreciation account had a balance of $49,000 on January 1, 2022, using the straight-line method.The gain or loss on disposal is
A) $4,000 gain.
B) $4,000 loss.
C) $11,000 loss.
D) $11,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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