A company bought a computer for$1,500. Three years later, the computer was sold for $300.

Assuming a 5-year estimated service life and straight-line depreciation, which account(s) would be used to record the disposal of the assets? Select all that apps.

A. Gain/loss on sale of asset
B. Fixed Assets
C. Depreciation Expense
D. Sales Income
E. Accumulated depreciation

Question

Business

Answered

A company bought a computer for$1,500. Three years later, the computer was sold for $300.

Assuming a 5-year estimated service life and straight-line depreciation, which account(s) would be used to record the disposal of the assets? Select all that apps.

A. Gain/loss on sale of asset
B. Fixed Assets
C. Depreciation Expense
D. Sales Income
E. Accumulated depreciation

Answer :

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Tundexigo Tundexigo · Answer 1

The accounts that will be used to record the disposal of the assets are Gain/loss on sale of asset and Sales Income

What is a disposal account?

A disposal account calculates the gain or loss account that appears in the income statement.

The disposal account records the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.

Hence, the account that will be used to record the disposal of the assets is Gain/loss on sale of asset and Sales Income