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:

Estrogen

A group of steroid hormones that promote the development and maintenance of female characteristics in the human body.

Progesterone

A substance secreted by the ovaries, placenta, and adrenal glands, responsible for controlling the menstrual cycle and maintaining pregnancy.

Extraembryonic Membrane

A set of tissues outside the embryo that provide support and nourishment in the early stages of development.

Shock Absorber

A mechanical device designed to smooth out or dampen shock impulse, and absorb kinetic energy.