A Plant was purchased on April 21st, 2018 for $ 250,000 with a residual value...
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Accounting
A Plant was purchased on April 21st, 2018 for $ 250,000 with a residual value of $50,000 and useful life of 15 years. Depreciation is charged on straight-line basis. The company year end date is December 31st. On July 3rd 2020, the Plant was sold for $ 150,000. There was a :
Gain on sale
Loss on sale
Neither gain nor loss
None of the options are correct
Which is correct answer?
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