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Alinara [238K]
3 years ago
10

A plant asset with a cost of $360,000 and accumulated depreciation of $342,000 is sold for $42,000. what is the amount of the ga

in or loss on disposal of the plant asset?
Business
1 answer:
goblinko [34]3 years ago
7 0
A cost of a plant asset = $360,000
Accumulated depreciation = $342,000
$360,000 - $342,000 = $18,000
The new asset`s book value is $18,000. It is sold for $42,000.
$42,000 - $18,000 = $24,000
Answer: The amount of the gain is $24,000.
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