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BFS Company Sold an Asset for $7,500 in Cash

Question 60

Multiple Choice

BFS Company sold an asset for $7,500 in cash.The asset had an historical cost of $30,000 and accumulated depreciation of $20,000 on the day it was sold.How much is the gain or loss on the sale?


A) $22,500 gain
B) $10,000 loss
C) $2,500 loss
D) $2,500 gain

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