Mayer sold a depreciable asset for cash of $300,000. The original cost of the asset...
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Accounting
Mayer sold a depreciable asset for cash of $300,000. The original cost of the asset was $1,200,000. Mayer recognized a gain of $45,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale?
A. $945,000. B. $255,000. C. $1,155,000. D. $990,000.
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