Equipment that cost $210,000 and on which $100,000 of accumulated depreciation has been recorded was disposed of for $92,000 cash. The entry to record this event would include a A. loss of $20,000. B. gain of $20,000. C. cannot be determined. D. loss of $18,000.

loss of $18,000.

Explanation:

Disposal of asset occurs when the asset is sold. Fixed asset carry a cost and accumulated depreciation for life from purchase to the disposal date. At the time of disposal there might be a gain or loss on disposal. If the asset is sold below the NBV there is a loss on disposal and If the asset is sold over the NBV there is a profit on disposal

Net Value of Asset = Cost - Accumulated Depreciation

Net Value of Asset = $210,000 - $100,000 = $110,000

Net profit / loss on disposal = Cash Proceeds - Net book value

Net profit / loss on disposal = $92,000 - $110,000

Net loss on disposal = $18,000

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