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

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

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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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