An Asset with a Cost of $67,000 and Accumulated Depreciation

question 6

Multiple Choice

An asset with a cost of $67,000 and accumulated depreciation of $43,000 is sold for $25,000, the company should record:

• A)A loss on sale of $24,000.
• B)A gain on sale of $52,000.
• C)Neither a gain nor a loss is recognized on this transaction.
• D)A loss on sale of $1,000.
• E)A gain on sale of $1,000.

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Definitions:

Intuitionist Perspective

A philosophical viewpoint that emphasizes intuition as a primary or foundational source of knowledge or ethical decision-making.

Psychosocial Perspective

A viewpoint that considers individual psychological development within the context of social relationships and societal structures.

Cognitive Development

The process by which a person perceives, thinks, and gains understanding of their world through the interaction and influence of genetic and learned factors.

Moral Development

The process through which individuals grow in their understanding of morals, ethical behavior, and the reasoning behind their own choices regarding right and wrong.