A company sells a plant asset that originally cost $360,000 for $120,000 on December 31, 2017. The accumulated depreciation account had a balance of $180,000 after the current year's depreciation of $30,000 had been recorded. The company should recognize a:

a.$60,000 loss on disposal.

b.$40,000 gain on disposal.

c.$120,000 loss on disposal.

d.$120,000 gain on disposal.

Answer rating: 100% (QA)

C 60000 loss on disposal Book value o... View the full answer