An asset that cost $24,000 and has accumulated depreciation of $18,000 is sold for $5,200.The entry to record the sale includes
A)no gain or loss.
B)a debit to Loss on Sale of Asset for 800.
C)a credit to Loss on Sale of Asset for 18,800.
D)a credit to Gain on Sale of Asset for 800.

Question

Quizplus · Accepted Answer

The Answer of An asset that cost $24,000 and has accumulated depreciation of $18,000 is sold for $5,200.The entry to record the sale includes
A)no gain or loss.
B)a debit to Loss on Sale of Asset for 800.
C)a credit to Loss on Sale of Asset for 18,800.
D)a credit to Gain on Sale of Asset for 800.

An Asset That Cost $24,000 and Has Accumulated Depreciation of $18,000