An Asset Was Purchased for $12,000

question 58

Multiple Choice

An asset was purchased for $12,000.The asset's estimated useful life was 5 years,and its residual value was $2,000.Straight-line depreciation was used.
-How much gain or loss is reported if the asset is sold for $9,000 at the end of the first year?

• A) $1,000 gain
• B) $2,000 loss
• C) No gain or loss
• D) $1,000 loss

---

Definitions:

Community Setting

A social environment outside of institutional or acute care facilities where individuals reside or interact, often referring to neighborhood or population-based health care.

RN-BSN

A degree program that enables Registered Nurses (RN) to obtain a Bachelor of Science in Nursing (BSN), enhancing their knowledge and skills.

State Board of Nursing

A regulatory body responsible for the licensure and oversight of nurses within a specific state, ensuring adherence to professional standards.

Continuing Education

Ongoing learning activities designed for professionals to enhance their knowledge and skills after formal education.