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An asset was acquired on August 1, 2021, for $42,000 with an estimated five-year life...

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Accounting

An asset was acquired on August 1, 2021, for $42,000 with an estimated five-year life and $2,100 residual value. The company uses straight-line depreciation. Calculate the gain or loss if the asset was sold on April 30, 2023, for $24,000. Partial-year depreciation is calculated based on the number of months the asset is in service.

Multiple Choice

  • $5,985 gain.

  • $4,035 loss.

  • $11,970 gain.

  • $7,980 loss.

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