What Is the Gain or Loss on the Sale of an Asset

question 40

Multiple Choice

What is the gain or loss on the sale of an asset for $68,000 if the asset cost $185,000,depreciation expense deducted was $124,000,and there was a $19,000 major addition to the asset?

• A)$0
• B)$12,000 loss
• C)$7,000 gain
• D)$117,000 loss

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