Corel Sales sold its old office furniture for $6,000.The original cost was $12,000,and at the time of sale,accumulated depreciation was $8,000.What is the effect of this transaction?
A) gain of $6,000
B) gain of $2,000
C) loss of $2,000
D) loss of $6,000
Correct Answer:
Verified
Q101: Equipment was purchased for $24,000 on January
Q102: Rightz Petroleum Products owns furniture that was
Q103: A coal mine cost $1,008,000 and is
Q104: On January 1,2016,WAX-D purchased equipment for $60,000
Q107: Equipment was purchased for $24,000 on January
Q108: A coal mine cost $1,000,000 and is
Q110: An oil well cost $1,862,500 and is
Q111: An asset was purchased for $36,000 on
Q136: Depletion expense should not be recorded for
Q160: Which of the following is an expense
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents