An Asset with a Cost of $28,000 Was Sold for $13,000

question 12

Multiple Choice

An asset with a cost of $28,000 was sold for $13,000 cash. Accumulated depreciation on the asset totaled $17,000. The amount of the gain or loss recognized for the sale is:

• A)a loss of $2,000.
• B)a loss of $15,000.
• C)neither a gain nor a loss.
• D)a gain of $2,000.

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Definitions:

Culture

The shared beliefs, customs, arts, and institutions of a community, transmitted through generations.

Critical Thinking

The goal of conducting a rational examination and assessment of a problem to establish an opinion.

Communication Styles

Refers to the various ways individuals express themselves and interact with others, including verbal, non-verbal, written, and visual forms.

Clear Communicator

An individual who conveys messages or information in a straightforward, easy-to-understand manner.