A Fixed Asset with a Cost of $41,000 and Accumulated

question 113

Multiple Choice

A fixed asset with a cost of $41,000 and accumulated depreciation of $36,500 is traded for a similar asset priced at $60,000. Assuming a trade-in allowance of $3,000, the recognized loss on the trade is

• A) $3,000
• B) $4,500
• C) $500
• D) $1,500

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Definitions:

Disordered Aggression

Aggressive behavior that is abnormal, uncontrolled, and potentially harmful, often resulting from psychological disorders or brain injury.

Cultures

The shared values, beliefs, norms, and practices of a group of people that are passed down from generation to generation.

Psychological Disorders

Mental health conditions characterized by disruptive patterns of thoughts, feelings, or behaviors, which cause distress or impair function in daily life.

Particular Cultures

Specific groups of people who share a set of traditions, beliefs, languages, and lifestyles, distinguishing them from other groups.