Amount of gain or loss on disposal of the fixed asset


A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for $3,500. What is the amount of gain or loss on disposal of the fixed asset?

A. $2,500 loss

B. $1,500 loss

C. $2,500 gain

D. $1,500 gain

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Accounting Basics: Amount of gain or loss on disposal of the fixed asset
Reference No:- TGS039916

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