Cmm xy[y] WileyPLUS × A company purchased factory x E tps://edugen.wileyplus.com

Question

Cmm xy[y] WileyPLUS × A company purchased factory x E tps://edugen.wileyplus.com/edugen/Iti/main.uni Retu Kimmel, Accounting, 6e Time: 08:14 PM/ Remaining: 111 min. Multiple Choice Question 148 A company sells a plant asset that originally cost $540000 for $195000 on December 31, 2017. The accumulated depreciation account had a balance of $270000 after the current year's depreciation of $45000 had been recorded. The company should recognize a $195000 loss on disposal. $75000 loss on disposal. $55000 gain on disposal. $195000 gain on disposal. Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SUBMIT ANSWER

Explanation / Answer

Correct option is 75000 loss on disposal

Explanation

loss on disposal=cost-sale price -accumulated depriciation

=$540,000-$195,000-$270,000

=$75,000

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