A Plant Asset with a Cost of $300,000 and Accumulated

Multiple Choice

A plant asset with a cost of $300,000 and accumulated depreciation of $285,000 is sold for $35,000.What is the amount of the gain or loss on disposal of the plant asset?

A) $35,000 loss
B) $20,000 loss
C) $20,000 gain
D) $35,000 gain