A Fixed Asset with a Cost of $30,000 and Accumulated

question 48

Multiple Choice

A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?

• A) $2,000 loss
• B) $1,500 loss
• C) $3,500 gain
• D) $2,000 gain

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Definitions:

Marsupial Colonization

The process by which marsupials, a group of mammals typically characterized by premature birth and continued development in the mother's pouch, spread and establish populations in new areas.

Vicariant Events

Geological occurrences that physically separate organisms, leading to speciation by dividing ancestral populations into two or more reproductively isolated groups.

Plate Tectonics

The scientific theory describing the large-scale motion of seven large plates and the movements of a larger number of smaller plates of the Earth's lithosphere.

Biogeographers

Scientists who study the distribution of species and ecosystems in geographic space and through geological time.