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:

Iodine

A chemical element necessary for thyroid gland function, also used as a disinfectant.

PTH

Parathyroid hormone, a regulator of calcium and phosphorus metabolism in the body.

Calcitonin

A hormone produced by the thyroid gland that helps regulate calcium levels in the blood.

Osteoclasts

A type of bone cell that breaks down bone tissue, a process important for bone maintenance, repair, and remodelling.