A Fixed Asset with a Cost of $30,000 and Accumulated

question 48

Multiple Choice

A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?

• A) $2,000 loss
• B) $1,500 loss
• C) $3,500 gain
• D) $2,000 gain

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Definitions:

Costing Methodology

The process or system used to determine the expenses associated with producing a product or providing a service, which can influence pricing, budgeting, and financial analysis.

Modified Integrative Bargaining

A negotiation strategy that seeks a win-win outcome but with adjustments to traditional methods to accommodate specific needs or circumstances.

Common Ground

Shared interests, beliefs, or understanding among different parties or individuals, facilitating cooperation or agreement.

Mixed Motive Conflict

A situation in which parties involved have both cooperative and competitive interests, leading to complex negotiations or interactions.