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gOOvER gOOvER
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6 years ago
An asset was purchased for $12,000. The asset's estimated useful life was 5 years, and its residual value was $2,000. Straight-line amortization was used. How much gain or loss is reported if the asset is sold for $9,000 at the end of the first year?
A) $1,000 gain
B) $2,000 loss
C) No gain or loss
D) $1,000 loss
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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HanoiHanoi
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#1
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6 years ago
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gOOvER Author
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6 years ago
Good timing, thanks!
aznzergs
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Yesterday
Brilliant ツ
rudy.zondo
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2 hours ago
Correct Slight Smile TY
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