An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold? a. A gain of $14,000 b. A loss of $14,000 c. A gain of $8,000 d. A loss of $8,000
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An asset which costs $25,000 and has
| a. |
A gain of $14,000 |
|
| b. |
A loss of $14,000 |
|
| c. |
A gain of $8,000 |
|
| d. |
A loss of $8,000 |
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- An asset that costs $97,600 and has accumulated depreciation of $82,000 is sold for $18,000. What amount of gain or loss will be recognized when the asset is sold? Question 5 options: A gain of $15,600. A loss of $15,600. A loss of $2,400. A gain of $2,400.A fixed asset with a cost of $32,167.00 and accumulated depreciation of $28,950.30 is sold for $5,468.39. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss B. $2,251.69 gain C. $3,216.70 gain D. $3,216.70 lossA fixed asset with a cost of $31,365.00 and accumulated depreciation of $28,228.50 is sold for $5,332.05. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,136.50 loss $2,195.55 loss $2,195.55 gain $3,136.50 gain
- A fixed asset with a cost of $28,000 and accumulated depreciation of $25,200 is sold for $4,760. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,960 loss b.$2,800 gain c.$2,800 loss d.$1,960 gainAn asset that cost $20,000 and has accumulated depreciation of $17,000 is sold for $4,000. This sale will result in a: Group of answer choices loss of $13,000. gain of $4,000. loss of $16,000. gain of $1,000.A fixed asset with a cost of $33,769.00 and accumulated depreciation of $30,392.10 is sold for $5,740.73. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $2,363.83 gain $2,363.83 loss $3,376.90 loss $3,376.90 gain
- What is the gain or loss on the sale of an asset that originally cost $12,000, has accumulated depreciation of $5,000, and is sold for $6,000? a.$6,000 loss b.$1,000 gain c.$1,000 loss d.$3,000 lossA fixed asset with a cost of $28,567 and accumulated depreciation of $25,710.30 is sold for $4,856.39. What is the amount of the gain or loss on disposal of the fixed asset? a.$2,856.70 gain b.$2,856.70 loss c.$1,999.69 loss d.$1,999.69 gainA fixed asset with a cost of $24,000 and accumulated depreciation of $21,600 is sold for $4,080. What is the amount of the gain or loss on the sale of the fixed asset? a. $1,680 loss b. $1,680 gain c. $2,400 loss Od. $2,400 gain
- A fixed asset with a cost of 30,000 in accumulated depreciation of 28,500 is sold for 3500 what is the amount of the gain and or the loss and disposal of the fixed asset? An asset that cost $20,000 and on which depreciation of $15,000 has been recorded is traded in on a new replacement asset. The sales price, also the fair value, of the new asset is $27,000. The owner of the old asset was given an allowance of $7,000 for the old asset and paid $20,000 in cash. For financial accounting purposes, what is the amount of gain or loss recorded? Question 5 options: a. a gain of $2,000 b. no gain or loss c. a loss of $2,000 d. a gain of $7,000If an item is capitalized why do you think different depreciation methods are allowed? Does the depreciation method chosen impact Net Income in the short term? What about over the life of the asset? Assume you have an asset with original cost of $150,000 and accumulated depreciation of $30,000 when you spend $10,000 on the asset. If the $10,000 is an ordinary repair what is the Book Value Before and the Book Value after the $10,000 expenditure? If the $10.000 expenditure is an Extraordinary Repair (extends the life of the asset) and is recorded as a debit to Accumulated Depreciation and a credit to Cash What is the Book Value Before and the Book Value after the $10,000 expenditure? if the expenditure is a Betterment (improves the function of the asset) and is recorded as a debit to the asset and a credit to Cash. What is the Book Value Before and the Book Value after the $10,000 expenditure?