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VikaD [51]
2 years ago
7

Bren Company sold a car for $17,100. The cost of the car was $37,000 and the depreciation expense was recorded at 10% for five a

nd a half years. What was the gain or loss on disposal?
Business
1 answer:
fomenos2 years ago
3 0

The loss on the disposal of the car is $-16,200.

The first step is to determine the total depreciation on the car.

Depreciation expense = percentage depreciation x cost of the asset

$37,000 x 0.1 = $3700

The second step is to determine the book value of the car = cost of the car - depreciation

$37,000 - $3700 = $33,300.

The book value is greater than the selling price of the car, so there was a loss on the sale. The third step is to determine the gain on the sale.

Loss = $17,100 - $33,300  = $-16,200

A similar question was answered here: brainly.com/question/24357323

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Answer:

8.30%

Explanation:

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