Question

An asset which costs $97,600 and has accumulated depreciation of $82,000 is sold for $18,000. what amount of gain or loss will be recognized when the asset is sold? a gain of $15,600. a loss of $15,600. a loss of $2,400. a gain of $2,400.

Answer 1

Book value
Cost of an asset-accumulated dep
97,600−82,000=15,600

So
18,000−15,600=2,400
a gain of $2,400.

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