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Furkat [3]
3 years ago
15

A company sells a plant asset that originally cost $300,000 for $100,000 on December 31, 2012. The accumulated depreciation acco

unt had a balance of $120,000 after the current year's depreciation of $30,000 had been recorded. The company should recognize a: ______
a. $80,000 gain on disposal.
b. $50,000 loss on disposal.
c. $200,000 loss on disposal.
d. $80,000 loss on disposal.
Business
1 answer:
devlian [24]3 years ago
5 0

Answer:The company should recognize a: $80,000 loss on disposal--- D

Explanation:

The cost of the plant asset = $300,000

Depreciation for current year = $120,000

Book value of the plant = cost of the plant-Depreciation value

=$300,000 - $120,000

=$180,000

But the sale of Plant = $100,000

Therefore the profit /loss of plant = Sale of asset -  Cost of Asset

=$100,000 -$180,000

=-$80,000 which is a loss.

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