Question: An asset's book value is $ 2 0 , 0 0 0 on December 3 1 , Year 5 . Assuming the asset is sold

An asset's book value is $20,000 on December 31, Year 5. Assuming the asset is sold on December 31, Year 5 for $13,000, the company should record:
Multiple Choice
A loss on sale of $12,500.
Neither a gain nor a loss is recognized on this transaction.
A loss on sale of $7,000.
A gain on sale of $12,500.
A gain on sale of $7,000.
An asset's book value is $ 2 0 , 0 0 0 on

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