An Asset with a Cost of $67,000 and Accumulated Depreciation

Multiple Choice

An asset with a cost of $67,000 and accumulated depreciation of $43,000 is sold for $25,000, the company should record:

A) A loss on sale of $24,000.
B) A gain on sale of $52,000.
C) Neither a gain nor a loss is recognized on this transaction.
D) A loss on sale of $1,000.
E) A gain on sale of $1,000.