2 points Company X has office buildings with a historic cost of $800,000 and accumulated depreciation of $150,000. They use the straight line method of depreciation. The buildings have an expected life of 20 years and a scrap value of $200,000 If the buildings are sold for $600,000. Which of the following statements is true? There has been a loss on sale of $50,000 There has been a profit on sale of $150,000 There has been a loss on sale of $200,000 There has not been a profit or loss on sale Next Previous