A company sells a plant asset that originally cost $ 350000 for $ 95000 on December 31,

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Question:

A company sells a plant asset that originally cost $350000 for $95000 on December 31, 2022. The accumulated depreciation account had a balance of $140000 after the current year's depreciation of $35000 had been recorded. The company should recognize a

$80000 loss on disposal.

$255000 loss on disposal.

$115000 loss on disposal.

$115000 gain on disposal.