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Martinez owns an asset that cost $87,000 with accumulated depreciation of $40,000. The company sells the equipment for cash of $42,000. At the time of sale, the company should record: a. A gain on

Martinez owns an asset that cost $87,000 with accumulated depreciation of $40,000. The company sells the equipment for cash of $42,000. At the time of sale, the company should record:

a. A gain on sale of $5,000.

b. A gain on sale of $2,000.

c. A loss on sale of $2,000.

d. A loss on sale of $45,000.

e. A loss on sale of $5,000

Apr 09 2021 View more View Less

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