A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciatio...
A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciation account had a balance of $120000 after the current year's depreciation of $30000 had been recorded. The company should recognize a
A. $65000 loss on disposal.
B.$35000 loss on disposal.
C.$185000 loss on disposal.
D.$65000 gain on disposal.
Homework Answers
Book value of asset = cost of asset - accumulated depreciation till date
Book value of asset = $300000 - $120000 = $180000
Loss on disposal = book value - sale value
Loss on disposal = $180000 - $115000
Loss on disposal = $65000
Hence, the correct answer is A. $65000 loss on disposal.
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