A Company Sells a Long-Lived Asset That Originally Cost $200,000

question 141

Multiple Choice

A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31, 2011. The accumulated depreciation account had a balance of $110,000 after the current year's depreciation of $45,000 had been recorded. The company should recognize a:

• A) $100,000 loss on sale.
• B) $40,000 gain on sale.
• C) $40,000 loss on sale.
• D) $25,000 loss on sale.

Understand the relationship between self-concept and group membership, including social identity theory.

Examine the motives influencing self-construction and the pursuit of self-conceptual coherence.

Understand the concept of self in social psychology, including self-esteem, self-concept, and self-enhancement.

Describe strategies individuals use for maintaining or improving their self-conception and self-esteem.

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Definitions:

Data

Information collected for reference or analysis, presented as numbers, facts, or text, which can be used for calculating, reasoning, or planning.

Design

The process of creating a plan or convention for the construction of an object, system, or measurable human interaction.

Quality Audit

A systematic examination of a quality system carried out by an internal or external quality auditor or audit team.

Scope Document

A document that outlines the project goals, deliverables, tasks, costs, and deadlines.