On January 1^st, 2013, PC Inc. disposed off an old elevator for $10,000. The elevator had a carrying value $20,000 (Cost: $100,000, Accumulated Amortization: $80,000). The gain or loss from this sale was:

Question

Quizplus · Accepted Answer

To calculate the gain or loss, we need to compare the selling price ($10,000) to the carrying value ($20,000). Since the carrying value is greater than the selling price, there is a loss of $10,000. Therefore, the answer is D.

On January 1st, 2013, PC Inc

On January 1^st, 2013, PC Inc