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:

Experimental Conditions

The controlled settings or environments in which experiments are conducted, allowing researchers to examine the effects of variables on subjects.

Unusual Responses

Behaviors or answers that deviate significantly from what is considered normal or expected in a given context.

Correlation

A numerical metric showing how much two or more variables change in relation to each other.

Statistically Significant

A term used to denote that the likelihood of an observed effect or relationship occurring by chance is very low.