Carter Company disposed of an asset at the end of the eighth year of its...
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Accounting
Carter Company disposed of an asset at the end of the eighth year of its estimated life for $14,500 cash. The asset's life was originally estimated to be 10 years. The original cost was $59,900 with an estimated residual value of $5,900. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?
$9,100 gain.
$3,700 loss.
$2,200 loss.
$14,500 gain.
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