Assume BizChair.com sold a used conveyor belt for $172,000 cash.If accumulated depreciation on the sale date was $58,311 and a gain of $6,721 was recognized on the sale,what was the original cost of the asset?
A)$223,590
B)$216,869
C)$165,279
D)$65,032
E)$113,689

Question

Quizplus · Accepted Answer

The original cost of the asset can be calculated by adding the sale price, accumulated depreciation, and subtracting the gain: $172,000 + $58,311 - $6,721 = $223,590.