A fixed asset with a cost of $30, 000 and accumulated depreciation of $28, 500 is sold for $3, 500. What is the amount of the gain or loss on disposal of the fixed asset? $2, 000 loss $1, 500 loss $3, 500 gain 2, 000 gain On July 8, Alton Co. issued an $80, 000, 6%, 120-day note payable to Seller Co. Assume at that the fiscal year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? $1, 200.00 $106.67 $306.67 $400.00