Question: Question 37 (3 points) If Labor, Inc. uses the composite method and its composite rate is 7.5% per year, what entry should it make when

Question 37 (3 points) If Labor, Inc. uses the composite method

Question 37 (3 points) If Labor, Inc. uses the composite method and its composite rate is 7.5% per year, what entry should it make when plant assets that originally cost $120,000 and have been used for 10 years are sold for $36,000? Credit Plant Assets $36,000 Debit Loss on Sale of Plant Assets $84,000 Debit Accumulated Depreciation $90,000, and Credit Gain on Sale of Plant Assets $6,000 Debit Accumulated Depreciation $84,000

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