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Reinek Company sold a fixed asset for $25,000

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Reinek Company sold a fixed asset for $25,000 -

Reinek Company sold a fixed asset for $25,000

Question: Reinek Company sold a fixed asset for $25,000. The asset was originally purchased at a cost of $64,000. On the date of sale, the accumulated depreciation was $53,000. Calculate the gain or loss on the sale of the asset.

Gain of $14,000

Gain of $25,000

Loss of $39,000

Loss of $36,000

 

 

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