Irmelas Enterprises Owns Some Equipment with an Original Cost of $84,700

Multiple Choice

Irmelas Enterprises owns some equipment with an original cost of $84,700 and accumulated depreciation of $41,650.If the equipment is sold for $9,500 in cash plus a 9-month $30,000 note receivable with a stated 12% interest rate,the gain or loss recognized on the sale would be:

A) $3,550 loss
B) $3,550 gain
C) $2,150 loss
D) $2,150 gain