Multiple Choice
Albatross Services scrapped a van.The van originally cost $40 000,had an estimated residual value of zero and an estimated life of 10 years.At the time it was scrapped,it had accumulated depreciation of $40 000.What was the effect of scrapping the van?
A) loss of $1 000
B) loss of $2 000
C) gain of $2 000
D) no gain or loss
Correct Answer:
Verified
Correct Answer:
Verified
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