A fixed asset with a cost of $30,000 and accumulated depreciation of $28.000 is sold for $3.500. What is the amount of the gain or loss on disposal of the fixed asset? a. $2,000 loss b. $1.500 gain c. $3,500 gain d. $2.000 gain

A fixed asset with a cost of $30,000 and accumulated depreciation of $28.000 is sold for $3.500. What is the amount of the gain or loss on disposal of the fixed asset? a. $2,000 loss b. $1.500 gain c. $3,500 gain d. $2.000 gain

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 6MC: At the end of the expected useful life of a depreciable asset with an estimated 15% residual value,...

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A fixed asset with a cost of $30,000 and accumulated
depreciation of $28.000 is sold for $3.500. What is the
amount of the gain or loss on disposal of the fixed asset?
a. $2,000 loss
b. $1.500 gain
c. $3,500 gain
d. $2.000 gain

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