Solved

An Asset That Costs $97,600 and Has Accumulated Depreciation of $82,000

Question 58

Multiple Choice

An asset that costs $97,600 and has accumulated depreciation of $82,000 is sold for $18,000.What amount of gain or loss will be recognized when the asset is sold?


A) A gain of $15,600.
B) A loss of $15,600.
C) A loss of $2,400.
D) A gain of $2,400.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q53: If a piece of equipment is dropped

Q54: Early in the current year,Amazon Co.purchased the

Q55: Revenue expenditures are recorded as:<br>A)An expense.<br>B)An asset.<br>C)A

Q56: Sales tax on equipment is not part

Q57: Wilbur Company purchased $10,000 of equipment on

Q59: When straight-line depreciation is in use,the depreciation

Q60: A revenue expenditure is deducted from revenues

Q61: Once the estimated life is determined for

Q62: Maintenance and fuel costs are types of

Q63: Cranston Instrumentation sold a depreciable asset for