Martinez Owns an Asset That Cost $87,000 with Accumulated Depreciation

question 42

Multiple Choice

Martinez owns an asset that cost $87,000 with accumulated depreciation of $40,000.The company sells the equipment for cash of $42,000.At the time of sale,the company should record:

• A)A gain on sale of $2,000.
• B)A loss on sale of $2,000.
• C)A loss on sale of $5,000.
• D)A gain on sale of $5,000.
• E)A loss on sale of $45,000.

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Definitions:

Religious Discrimination

Unfair or prejudicial treatment of individuals based on their religious beliefs or practices.

Racially Segregated

The enforced separation of different racial groups within a community, workplace, or educational system.

Civically Engaged

Refers to individuals actively participating in the civic life of their community through informed, committed, and constructive actions to address public issues.

Black Nationalism

A political and social movement seeking to promote, develop, and maintain a black race identity and to achieve self-determination and sovereignty for black people.