Rufina Corp. sold for $20,000 plant assets that cost $40,000 and that had an accumulated depreciation of
Question:
Rufina Corp. sold for $20,000 plant assets that cost $40,000 and that had an accumulated depreciation of $8,000. The journal entry to record the transaction is:
A. Cash 20,000
Plant Assets 20,000
B. Plant Assets 32,000
Cash 32,000
C. Cash 20,000
Accumulated Depreciation 8,000
Loss on Sale of Plant Assets 12,000
Plant Assets 40,000
D. Cash 20,000
Loss on Sale of Plant Assets 12,000
Plant Assets 32,000
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.