A company sells a long-lived asset which originally cost $ 150,000 for $ 50,000 on December 31, 2021. The accumulated depreciation account had a balance of $ 60,000 after the current year's depreciation of $ 15,000 had been recorded. The company should recognize a

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The book value of the asset is $90,000 ($150,000 cost - $60,000 accumulated depreciation). Selling it for $50,000 results in a $40,000 loss ($90,000 - $50,000).

A Company Sells a Long-Lived Asset Which Originally Cost