A company sells a plant asset that originally cost $ 550000 for $ 230000 on December 31,

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Question:

A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been recorded. The company should recognize a

$100000 loss on disposal.

$100000 gain on disposal.

$320000 loss on disposal.

$45000 loss on disposal.