An asset with a historical cost of $14,725 and accumulated depreciation of $10,000 was discarded, having no market value. how much will be recorded as a loss or gain on disposal?

Loss of $4,725 on disposal

Explanation:

Historical cost = $14,725

Accumulated depreciation = $10,000

Carrying amount or net book value is the difference between the historical cost and the accumulated depreciation.

The difference between the carrying amount and the cash received on disposal is what gives the gain/loss on disposal.

Carrying amount = $14,725 - $10,000

                            = $4,725

Cash received on disposal = 0 (asset was discarded)

Therefore,

Gain/(loss) on disposal = 0 - $4,725

                                      = - $4,725

Loss of $4,725 on disposal.

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