Ngu Owns Equipment That Cost $93,500 with Accumulated Depreciation of $64,000

question 40

Multiple Choice

Ngu owns equipment that cost $93,500 with accumulated depreciation of $64,000. Ngu asks $35,000 for the equipment but sells the equipment for $33,000. Compute the amount of gain or loss on the sale.

• A) $5,500 loss.
• B) $3,500 gain.
• C) $5,500 gain.
• D) $3,000 gain.
• E) $3,500 loss.

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