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diamong [38]
2 years ago
12

A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain

or loss on disposal of the fixed asset?.
Business
1 answer:
Maksim231197 [3]2 years ago
8 0

The amount of the gain or loss on disposal of the fixed asset is $2,000.

<h3>Gain or loss on disposal </h3>

First step

Book Value = Original Cost of Equipment - Accumulated Depreciation

Book Value = $30,000 -$28,500

Book value= $1,500

Second step

Gain=Sale Price -Book Value

Gain=$3,500-$1,500

Gain=$2,000

Inconclusion the amount of the gain or loss on disposal of the fixed asset is $2,000.

Learn more about gain or loss on disposal of asset here:brainly.com/question/14542603

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