A long-term investment in bonds with a cost of $80,000 was sold for $75,000 cash. What was the gain or loss on the sale? Group of answer choices $5,000 loss on sale of investment $75,000 gain on sale of investment No gain or loss on sale of investment $5,000 gain on sale of investment

A long-term investment in bonds with a cost of $80,000 was sold for $75,000 cash. What was the gain or loss on the sale? Group of answer choices $5,000 loss on sale of investment $75,000 gain on sale of investment No gain or loss on sale of investment $5,000 gain on sale of investment

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A long-term investment in bonds with a cost of $80,000 was sold for $75,000 cash. What was the gain or loss on the sale?

Group of answer choices

$5,000 loss on sale of investment

$75,000 gain on sale of investment

No gain or loss on sale of investment

$5,000 gain on sale of investment

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