Albatross Services scrapped a van.The van originally cost $40,000,had an estimated salvage value of $1,000,and an estimated life of 10 years.At the time it was scrapped,it was fully depreciated.What was the effect of scrapping the van?
A) Gain of $2,000
B) No gain or loss
C) Loss of $1,000
D) Loss of $2,000
Correct Answer:
Verified
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