An asset that cost $35,000 was sold for $6,000 cash. Accumulated depreciation on the asset was
$29,000. The entry to record this transaction includes the recognition of:

Question

Quizplus · Accepted Answer

The asset's book value is calculated as the cost ($35,000) minus accumulated depreciation ($29,000), which equals $6,000. Since the asset was sold for its book value ($6,000), there is neither a gain nor a loss.

An Asset That Cost $35,000 Was Sold for $6,000 Cash