Multiple Choice
A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for $3,500. What is the amount of gain or loss on disposal of the fixed asset?
A) $2,500 loss
B) $1,500 loss
C) $2,500 gain
D) $1,500 gain
Correct Answer:
Verified
Correct Answer:
Verified
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