Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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What was the amount of accumulated depreciation on the asset at the time of its sale

Tivoli Instrumentation sold a depreciable asset for cash of $100,000.
The original cost of the asset was $400,000. Tivoli recognized a gain
of $15,000 on the sale. What was the amount of accumulated
depreciation on the asset at the time of its sale?
A) $315,000.
B) $85,000.
C) $385,000.
D) $300,000.
Transcribed Image Text:Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.
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