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A company sold for $3,000 a plant asset that had a cost of $10,000 and accumulated depreciation of $7,500
A company sold for $3,000 a plant asset that had a cost of $10,000 and accumulated depreciation of $7,500. The company had a:
-
- loss of $7,000.
- loss of $500.
- gain of $500.
- gain of $3,000.
Expert Solution
Answer:
c .
Step-by-Step explanation
Original cost = $ 10,000
Accumulated Dep = $ 7,500
Book Value = $ 10,000 - $7,500 = $2,500
Sold for = $ 3,000
Therefore gain = $ 3,000 - $2,500 = $5,00
Option C is correct:- gain of $500
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