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An asset costs $10,000 and has accumulated depreciation to date of $8,500. If the asset is sold for $2,000, which of the following is true?

An asset costs $10,000 and has accumulated depreciation to date of $8,500. If the asset is sold for $2,000, which of the following is true? Select one: a. A gain of $500 will be recorded b. A gain of $2,000 will be recorded c. A loss of $500 will be recorded d. Accumulated depreciation will be adjusted so book value is equal to $2,000

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