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An asset costing $6,000 was sold for $1,300 when its accumulated depreciation was $4,500. The transaction...

An asset costing $6,000 was sold for $1,300 when its accumulated depreciation was $4,500. The transaction entry to record the sale would have included a. a $4,700 loss. b. a $1,300 gain. c. a $200 loss. d. a $4,500 gain. e. a $100 gain.

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Answer #1

Note: Sale Value of asset is lower than the Book Value of Asset (after deducting Accumulated Depreciation), so there will be a loss

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