Franco Company sold office furniture for $2400 cash. The furniture cost $70,000 and had accumulated depreciation through the date of sale totaling $32,000. The company will recognize:

Name: Franco Company sold office furniture for $2400 cash. The furniture cost $70,000 and had accumulated depreciation through the date of sale totaling $32,000. The company will recognize:
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Question

Quizplus · Accepted Answer

The book value of the furniture is $70,000 - $32,000 = $38,000. The sale price is $2,400. The loss is $38,000 - $2,400 = $35,600.

Franco Company Sold Office Furniture for $2400 Cash