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AlekseyPX
3 years ago
7

2. If a plant asset costs $6,000.00, has accumulated depreciation of $5,000.00, and is sold for $1,200.00, the gain or loss on d

isposal is a (A) $1,200.00 gain. (B) $5,000.00 loss. (C) $200.00 gain. (D) $200.00 loss.
Business
1 answer:
Sliva [168]3 years ago
6 0

Answer:

(C) $200.00 gain

Explanation:

The gain or loss on sale of fixed asset is calculated as follows:

Gain\Loss = Sale Price - (Cost of asset - Accumulated Depreciation)

If the value is positive it is gain and if the value is negative it is loss.

Here, we are provided that cost of asset = $6,000

Accumulated Depreciation = $5,000

And selling Price = $1,200

Thus, Gain/Loss = $1,200 - ($6,000 - $5,000)

= $1,200 - $1,000 = $200

As the value is positive that is selling price is more than carrying value of the asset there is a gain of $200

Thus, the correct option is

(C) $200.00 gain

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