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An asset which costs $18,800 and has accumulated depreciation of $6,000 is sold for $11,600. What amount of gain or loss will be recognized when

An asset which costs $18,800 and has accumulated depreciation of $6,000 is sold for $11,600. What amount of gain or loss will be recognized when the asset is sold?

Select one:

a. A gain of $7,200

b. A loss of $1,200

c. A gain of $1,200

d. A loss of $7,200

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