An Asset Was Purchased for $33,000 on January 1,2019

question 154

Multiple Choice

An asset was purchased for $33,000 on January 1,2019.The asset's estimated useful life was five years,and its residual value was $4000.The straight-line method of depreciation was used.Calculate the gain or loss if the asset is sold for $26,000 on December 31,2019,the last day of the accounting period.

• A) $600 gain
• B) $1200 loss
• C) $1200 gain
• D) no gain or no loss

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Definitions:

Form of Learning

Refers to the various methods or ways through which individuals acquire knowledge, skills, and behaviors, such as observational learning or experiential learning.

Egocentrism

A cognitive trait where an individual is unable to understand that other people have their own perspectives and feelings.

Animism

The belief that objects, places, and creatures all possess a distinct spiritual essence or soul.

Piaget's Theory

A theory of cognitive development proposed by Jean Piaget, outlining how children progress through four stages of intellectual growth and how their abilities to understand the world evolve.