An Asset That Cost $24,000 and Has Accumulated Depreciation of $18,000

question 88

Multiple Choice

An asset that cost $24,000 and has accumulated depreciation of $18,000 is sold for $5,200.The entry to record the sale is:

• A) Accumulated Depreciation- Asset 6,000
• Asset 6,000
• B) Cash 5,200
• Accumulated Depreciation- Asset 18,000
• Loss on Sale of Asset 800
• Asset 24,000
• C) Loss on Sale of Asset 18,800
• Asset 18,800
• D) Asset 18,000
• Accumulated Depreciation- Asset 18,000

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