Corel Sales Sold Its Old Office Furniture for $6,000

question 126

Multiple Choice

Corel Sales sold its old office furniture for $6,000.The original cost was $12,000,and at the time of sale,accumulated depreciation was $8,000.What is the effect of this transaction?

• A)gain of $6,000
• B)gain of $2,000
• C)loss of $2,000
• D)loss of $6,000

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Definitions:

Retained

Often used in financial contexts to describe profits kept in a company rather than distributed to shareholders; can also refer to information or items kept or preserved.

Interaction Term

A variable in a statistical model that captures the effect of two or more variables acting together on a dependent variable.

First-order Model

A mathematical or statistical model that represents systems or processes using first-degree equations or relationships.

Significance Level

The probability of rejecting the null hypothesis when it is actually true, often denoted by alpha.