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?

Name: 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?
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The book value of the asset is $12,000 (original cost) - $5,000 (accumulated depreciation) = $7,000. The asset is sold for $6,000, resulting in a loss of $7,000 (book value) - $6,000 (sale price) = $1,000.

What Is the Gain or Loss on the Sale of an Asset