A fixed asset with a cost of $31,737 and accumulated depreciation of $28,563.30 is sold for $5,395.29. What is the amount of the gain or loss on disposal of the fixed asset? a.$3,173.70 gain b.$2,221.59 loss c.$3,173.70 loss d.$2,221.59 gain
A fixed asset with a cost of $31,737 and accumulated depreciation of $28,563.30 is sold for $5,395.29. What is the amount of the gain or loss on disposal of the fixed asset? a.$3,173.70 gain b.$2,221.59 loss c.$3,173.70 loss d.$2,221.59 gain
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 11MCQ
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A fixed asset with a cost of $31,737 and
accumulated depreciation of $28,563.30 is sold for $5,395.29. What is the amount of the gain or loss on disposal of the fixed asset?a.$3,173.70 gainb.$2,221.59 lossc.$3,173.70 lossd.$2,221.59 gain
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