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A plant asset cost $45,000 when it was purchased on January 1, 2003. It was...

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Accounting

A plant asset cost $45,000 when it was purchased on January 1, 2003. It was depreciated by the straight-line method based on a 9-year life with no salvage value. On June 30, 2010, the asset was discarded with no cash proceeds. What gain or loss should be recognized on the retirement?

Question 28 options:

1) No gain or loss.
2) $5,000 gain.
3) $10,000 loss.
4) $7,500 loss.

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