9. If a plant asset is retired before it is fully depreciated and no (S0) salvage value (S/V) is received, A) a gain on disposal occurs. B) a loss on disposal occurs. C) either a gain or a loss can occur D) neither a gain nor a loss occurs. 10. A company sells a plant asset which originally Cost $210,000 for $70,000 Cash on December 31, 2011. The Accumulated Depreciation (A/D) account had a balance of $84,000 after the current year's depreciation of $21,000 had been recorded. The company should recognize a A) S140,000 loss on disposal. B) $56,000 gain on disposal. C) $56,000 loss on disposal. D) $35,000 loss on disposal. 11. A truck that cost $21,000 and on which $10,000 of Accumulated Depreciation (A/D) has been recorded was disposed of or sold for $9,000 Cash. The entry to record this event would include a A) gain of $2,000. B) loss of $2,000. C) credit to the Truck account for $11,000. D) credit to Accumulated Depreciation for $10,000. 12. A company sells a plant asset which originally cost $360,000 for $120,000 Cash on December 31, 2015. The Accumulated Depreciation (A/D) account had a balance of S144,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize a A) S240,000 loss on disposal. B) $96,000 gain on disposal. C) $96,000 loss on disposal. D) $60,000 loss on disposal. The interest charged on a Si 00,000 note payable, at the annual rate of 8%, on a 90-day note would be A) $8,000. B) $4,444 C) $2,000. D) $667. 13