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Jerabek Inc. decided to sell one of its fixed assets that had a cost of $55,000 and accumulated depreciation of $35,000 on July 1, 2019. On that date, Jerabek sold the fixed asset for $15,000. What was the resulting gain or loss from the sale of the asset?

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osaruevbuomwan

Answer:

$5,000 loss

Explanation:

Net book value of an asset = cost - accumulated depreciation

                                          = $55,000 - $35,000 = $20,000

The asset was sold for $15,000 which is $5,000 less than the net book value. The asset was therefore sold at a loss

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