A company sells a plant asset that originally cost $150,000 for $50,000 on December 31, 2007. The accumulated depreciation account had a balance of $60,000 after the current year's depreciation of $15,000 had been recorded. The company should recognize a
a. $100,000 loss on disposal.
b. $40,000 gain on disposal.
c. $40,000 loss on disposal.
d. $25,000 loss on disposal.
Answer: C
Accounting
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