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When an asset is sold, how is the gain or loss on sale calculated?

Practice Questions

1 question
Q1
When an asset is sold, how is the gain or loss on sale calculated?
  1. Sale price minus book value
  2. Book value minus sale price
  3. Sale price minus original cost
  4. Original cost minus book value

Questions & Step-by-step Solutions

1 item
Q
Q: When an asset is sold, how is the gain or loss on sale calculated?
Solution: The gain or loss on sale of an asset is calculated as the sale price minus the book value of the asset at the time of sale.
Steps: 0

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