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:

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