Homework Answers
Option B $9,000 loss is correct.
The gain/loss can be computed as:
Straight line depreciation=(Cost of asset-residual value)/Useful life
Straight line depreciation=($34,000-$4,000)/5
Straight line depreciation=$30,000/5
Straight line depreciation=$6,000
Book value of asset on December 31, 2019=$34,000-$6,000
Book value of asset=$28,000
Sale amount of asset=$19,000
Loss on asset=$28,000-$19,000
Loss on asset=$9,000
Thus, loss on sale of asset on December 31,2019=$9,000
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