Question 27 (of 30) > Time 8 You did not receive full credit for this quest MC Q

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Question 27 (of 30) > Time 8 You did not receive full credit for this quest MC Qu. 115 A company sold equipment... A company sold equipment that originally cost $160,000 for $96,000 cash. The accumulated depreciation on the equipment was $64,000. The company should recognize a: O $64,000 loss. O $32,000 gain, O $0 gain or loss. $32,000 loss. O $96,000 gain. References Multiple Choice Difficulty: 2 Medium MC Qu. 115 A company sold equipment. Learning Objective: 08-P2 Account for asset disposal acBool

Explanation / Answer

Book value as on date of sale=cost-Accumulated depreciation

=(160000-64000)=$96000

Hence there is no gain or loss on sales.

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