Question Content Area

A fixed asset with a cost of $$55,000$ and accumulated depreciation of $$46,750$ is traded for a similar asset priced at $$76,000.$ Assuming a trade$-$in allowance of $$4,700,$ the recognized loss on the trade is

a$.$ $$(8,250)$

b$.$ $$(29,250)$

c$.$ $$(3,550)$

d$.$ $$(4,700)$