An Asset That Cost $25,000 Was Sold for $9,000 Cash

question 26

Multiple Choice

An asset that cost $25,000 was sold for $9,000 cash. Accumulated depreciation on the asset was $16,000. The entry to record this transaction includes the recognition of

• A) a gain of $9,000.
• B) a loss of $7,000.
• C) neither a gain nor a loss.
• D) a loss of $2,000. 25000 - 16000 - 9000 = 0; no gain and no loss.

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Definitions:

"Learners"

Individuals engaged in the process of gaining knowledge, understanding, or skill through study, experience, or teaching.

Cognitive Dissonance

The mental distress felt when possessing multiple contradictory beliefs, values, or attitudes.

Milgram Obedience Studies

A series of experiments that demonstrated a high level of obedience to authority figures, leading participants to perform acts conflicting with their personal conscience.

Deception

The act of misleading or deceiving others by hiding or distorting the truth.