An Asset's Book Value Is $36,000 on January 1,Year 6

question 116

Multiple Choice

An asset's book value is $36,000 on January 1,Year 6.The asset is being depreciated $500 per month using the straight-line method.Assuming the asset is sold on July 1,Year 7 for $25,000,the company should record:

• A)Neither a gain or loss is recognized on this type of transaction.
• B)A gain on sale of $2,000.
• C)A loss on sale of $1,000.
• D)A gain on sale of $1,000.
• E)A loss on sale of $2,000.

---

Definitions:

Early Marriages

Marriages that take place at a younger age than is typical in a given society, often associated with various social, cultural, and economic factors.

Religious Activities

Religious activities encompass various practices, ceremonies, and rituals performed in devotion to or in worship of a deity or deities.

Rebel Without a Cause

A 1955 American drama film that became a cultural landmark, epitomizing teenage disillusionment and social estrangement.

Crisis of Masculinity

A period of societal debate and concern regarding what it means to be a man, often arising from changes in gender roles, economic shifts, and questioning of traditional male identities.