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A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for $3,500. What is the amount of gain or loss on disposal of the fixed asset?

A. $2,500 loss

B. $1,500 loss

C. $2,500 gain

D. $1,500 gain

Accounting Basics, Accounting

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  • Reference No.:- M939916

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