Albatross Services Scrapped a Van

question 131

Multiple Choice

Albatross Services scrapped a van.The van originally cost $40,000,had an estimated salvage value of zero,and an estimated life of 10 years.At the time it was scrapped,it was fully depreciated.What was the effect of scrapping the van?

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

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Definitions:

Eustachian Tubes

Narrow tubes that connect the middle ear to the nasopharynx, helping to equalize ear pressure.

Oophorectomy

Surgical removal of one or both ovaries.

Oogenesis

The process by which female gametes, or ova, are produced in the ovaries through cell division and differentiation.

Oophoritis

This refers to the inflammation of the ovaries.