If Equipment That Cost $100 000 and Has Accumulated Depreciation

question 5

Multiple Choice

If equipment that cost $100 000 and has accumulated depreciation of $70 000 is sold for $20 000,the journal entry to record the sale would include:

• A) Cr Loss on sale,$10 000.
• B) Dr Gain on sale,$10 000.
• C) Dr Accumulated depreciation,$70 000.
• D) Cr Equipment,$20 000.

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Definitions:

Mutually Exclusive

Mutually exclusive events are those events that cannot occur at the same time, implying no overlap in their occurrence.

Mutually Exclusive

Events that cannot occur at the same time, implying that the occurrence of one event excludes the possibility of the other event occurring.

Independent

In statistics, refers to variables that are not affected by other variables in the context of the analysis.

Mutually Exclusive

Events or conditions that cannot occur at the same time; within the context of probability, two events that cannot both be true simultaneously.