Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Acompany sells an asset that originally cost $375,000 for $80,000 on December 31, 2020. The accumulated depreciation account had a balance of $150,000 after the
Acompany sells an asset that originally cost $375,000 for $80,000 on December 31, 2020. The accumulated depreciation account had a balance of $150,000 after the current year's depreciation of $37.500 had been recorded. What amount of gain or loss should the company recognize upon the disposal of the asset? (Use parentheses or a minus sign for a loss.) OA $(107,500) OB. $(295,000) OC. $145,000 OD. $(145,000)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6695417dc02df_6616695417d582c4.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started