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MC Qu. 117 An assets book value... An asset's book value is $18,000 on December...

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Accounting

MC Qu. 117 An assets book value...

An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record:

Multiple Choice

  • A gain on sale of $3,000.

  • A loss on sale of $3,000.

  • Neither a gain nor a loss is recognized on this transaction.

  • A gain on sale of $12,000.

  • A loss on sale of $12,000.

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