1) Cambria owns equipment that cost $93,500 with accumulated depreciation of $64

Q: 1) Cambria owns equipment that cost $93,500 with accumulated depreciation of $64

Option C is the right answer. C. Debit Loss on Disposal of Equipment $3,500. please rate and thanks

ID: 2360327 • Letter: 1

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1) Cambria owns equipment that cost $93,500 with accumulated depreciation of $64,000. Cambria asks $35,000 for the equipment but sells the equipment for $33,000. Compute the amount of gain or loss on the sale. The journal entry to record the disposal of the asset would involve all of the following except: Possible Answers A. Debit Accumulated Depreciation $64,000. B. Credit Equipment $93,500. C. Debit Loss on Disposal of Equipment $3,500. D. Credit Gain on Disposal of Equipment $3,500. E. Debit Cash $33,000.

Explanation / Answer

Option C is the right answer.

C. Debit Loss on Disposal of Equipment $3,500.

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1) Cambria owns equipment that cost $93,500 with accumulated depreciation of $64

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1) Cambria owns equipment that cost $93,500 with accumulated depreciation of $64

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