Multiple Choice
An asset was purchased for $12,000.The asset's estimated useful life was 5 years,and its residual value was $2,000.Straight-line depreciation was used.
-How much gain or loss is reported if the asset is sold for $9,000 at the end of the first year?
A) $1,000 gain
B) $2,000 loss
C) No gain or loss
D) $1,000 loss
Correct Answer:
Verified
Correct Answer:
Verified
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