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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?

Answer & Explanation Solved by verified expert
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