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Jantzi Company reported capital assets, net of accumulated depreciation, on January 1, 2013, at ...

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Jantzi Company reported capital assets, net of accumulated depreciation, on January 1, 2013, at ...

Jantzi Company reported capital assets, net of accumulated depreciation, on January 1, 2013, at $427,500 and $579,300 on December 31, 2013. The income statement showed depreciation of $38,700. Jantzi Company acquired $275,000 of capital assets during the year and reported proceeds from the sale of capital assets of $89,200 for the year. The gain or loss resulting from the sale of capital assets was:
A) $3,400 loss
B) $2,390 loss
C) $4,700 gain
D) $5,050 gain

Textbook

Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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