Multiple Choice
An asset was acquired on January 1, 2018, for $15,000 with an estimated 4-year life and $1,000 residual value. The company uses straight-line depreciation. Calculate the gain or loss if the asset was sold on December 31, 2020, for $5,000.
A) $500 gain.
B) $3,000 loss.
C) $1,500 gain.
D) $500 loss.
Correct Answer:
Verified
Correct Answer:
Verified
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