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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.
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Mar 16, 2018
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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.
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Imgnx
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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.
Hope it helps
David Chouinard
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Mar 21, 2018
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David Chouinard
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