A Plant Asset with a Cost of $480,000 and Accumulated

question 214

Multiple Choice

A plant asset with a cost of $480,000 and accumulated depreciation of $456,000 is sold for $56,000. What is the amount of the gain or loss on disposal of the plant asset?

• A) $56,000 loss.
• B) $32,000 loss.
• C) $32,000 gain.
• D) $56,000 gain.

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Definitions:

SWOT

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Belmont Report

A foundational document in the ethics of healthcare and research, establishing ethical principles for protecting human subjects.

Autonomy

The capacity of an individual to make an informed, uncoerced decision.

Ethical Principle

Ethical principle refers to the fundamental guidelines that dictate how individuals should act based on moral duties and virtues.