Multiple Choice
An asset that costs $14,400 and has accumulated depreciation of $8,000 is sold for $5,600.What amount of gain or loss will be recognized when the asset is sold?
A) A gain of $800.
B) A loss of $800.
C) A loss of $2,400.
D) A gain of $2,400.
Correct Answer:
Verified
Correct Answer:
Verified
Q61: Once the estimated life is determined for
Q62: Maintenance and fuel costs are types of
Q63: Cranston Instrumentation sold a depreciable asset for
Q64: Physical deterioration refers to the process of
Q65: Land is purchased for $256,000.Additional costs include
Q67: Ding Company traded in one of its
Q68: An asset that costs $28,800 and has
Q69: In the fixed-percentage-of-declining-balance depreciation method,the book value
Q70: If an accelerated depreciation method is used
Q71: Charging an expenditure directly to an expense