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

Question 24

Multiple Choice

What is the gain or loss on the sale of an asset for $68,000 if the asset cost $185,000, depreciation expense deducted was $124,000, and there was a $19,000 major addition to the asset?


A) $0
B) $12,000 loss
C) $7,000 gain
D) $117,000 loss

Correct Answer:

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