Multiple Choice
A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500.What is the amount of the gain or loss on disposal of the fixed asset?
A) $2,000 loss
B) $2,000 gain
C) $1,500 loss
D) $3,500 gain
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q20: On December 31,Strike Company sold one of
Q23: Financial statement data for the years
Q25: Machinery acquired at a cost of $80,000
Q25: When a company exchanges machinery and receives
Q26: The entry to record the disposal of
Q30: The double-declining-balance rate for calculating depreciation expense
Q45: When a plant asset is traded for
Q51: When depreciation estimates are revised, all years
Q67: When exchanging equipment, if the trade-in allowance
Q133: Falcon Company acquired an adjacent lot to