A Plant Asset with a Cost of $600,000 and Accumulated

question 124

Multiple Choice

A plant asset with a cost of $600,000 and accumulated depreciation of $570,000 is sold for $70,000.What is the amount of the gain or loss on disposal of the plant asset?

• A)$70,000 loss
• B)$40,000 loss
• C)$40,000 gain
• D)$70,000 gain

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