A fixed asset with a cost of $31,021 and accumulated depreciation of $27,918.90 is sold for $5,273.57. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $2,171.47 loss Ob. $3,102.10 loss Oc. S2,171.47 gain Od. S3,102.10 gain

A fixed asset with a cost of $31,021 and accumulated depreciation of $27,918.90 is sold for $5,273.57. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $2,171.47 loss Ob. $3,102.10 loss Oc. S2,171.47 gain Od. S3,102.10 gain

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 1MC: LO1 The purpose of depreciation is to (a) spread the cost of an asset over its useful life. (b) show...

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A fixed asset with a cost of $31,021 and accumulated depreciation of $27,918.90 is sold for $5,273.57. What is the amount of the gain or loss
on disposal of the fixed asset?
Oa. S2,171.47 loss
Ob. $3,102.10 loss
Oc. S2,171.47 gain
Od. S3,102.10 gain

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