An Asset That Cost $24,000 and Has Accumulated Depreciation of $18,000

question 86

Multiple Choice

An asset that cost $24,000 and has accumulated depreciation of $18,000 is sold for $5,200.The entry to record the sale includes

• A)no gain or loss.
• B)a debit to Loss on Sale of Asset for 800.
• C)a credit to Loss on Sale of Asset for 18,800.
• D)a credit to Gain on Sale of Asset for 800.