A trucking company sold its fleet of trucks for $55,000.The trucks had originally cost $1,410,000 and had accumulated depreciation of $1,269,000 through the date of disposal.What gain or loss did the trucking company record when it sold the fleet of trucks?
A) Gain of $86,000.
B) Gain of $55,000.
C) Loss of $55,000.
D) Loss of $86,000.
Correct Answer:
Verified
Q89: Your company pays $620,000 for a patent
Q90: The company has net sales revenue
Q91: Your company pays $620,000 for a patent
Q92: A truck costing $12,000 and on which
Q93: A book manufacturing company sells equipment for
Q95: If net sales revenue
Q96: Your company has net sales revenue of
Q97: A loss on disposal of an asset
Q98: In recording the acquisition cost of an
Q99: When a company sells equipment for cash
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents