Afixed asset with a cost of $34,505.00 and accumulated depreciation of $31,054.50 is sold for $5,865.85. what is the amount of the gain or loss on disposal of the fixed asset?

The amount of the gain on disposal of the fixed asset is $2,415.35

Explanation:

To recognize gain or loss on disposal:

First, the company calculates the carrying amount of the asset by using the original cost of the asset, minus all accumulated depreciation and any accumulated impairment charges.

Then, subtract this carrying amount from the sale price of the asset. If the remainder is positive, it is a gain and if the remainder is negative, it is a loss .

In this case:

Carrying amount of the fixed asset = $34,505.00 - $31,054.50 = $3,450.5

Sale price - Carrying amount of the fixed asset = $5,865.85 - $3,450.5 = $2,415.35 > 0

The amount of the gain on disposal of the fixed asset is $2,415.35

the correct answer is - no.

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