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Assume that an asset had a cost of $30,000 and has $25,000 of Accumulated Depreciation...

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Accounting

Assume that an asset had a cost of $30,000 and has $25,000 of Accumulated Depreciation on it. If it gets sold for $4,000, then the company must remove the asset balance and the balance of its accumulated depreciation account and report a

a. Loss of $1,000

b. Gain of $1,000

c. No Loss or Gain

d. None of the above

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