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:

Biological Predisposition

The inherent genetic tendency to develop certain traits or behaviors, including diseases, due to one's genetic makeup.

Gays And Lesbians

Individuals who are attracted to members of the same sex, with "gay" typically referring to males and "lesbian" to females.

Adjust

To change something slightly in order to make it fit, work better, or be more suitable.

Homophobia

The fear, hatred, discomfort with, or mistrust of people who are gay, lesbian, or bisexual.