A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. Record the journal entries for the amount of gain or loss on disposal of the fixed asset. Be sure to show your work!

Book value on date of sale = Cost - Accumulated depreciation

Book value on date of sale = $30,000 - $28,500

Book value on date of sale = $1,500

Gain on disposal = Sales amount - Book value on date of sale

Gain on disposal = $3,500 - $1,500

Gain on disposal = $2,000

                               Journal entries

Date  Account Titles                      Debit        Credit

Cash A/C                                        $3,500

Accumulated depreciation A/C    $28,500

      To fixed asset                                           $30,000

      To gain on disposal                                  $2,000.

the answer to this question would be shared investment

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20