Jerabek inc. decided to sell one of its fixed assets that had a cost of $55,000 and accumulated depreciation of $35,000 on july 1, 2019. on that date, jerabek sold the fixed asset for $15,000. what was the resulting gain or loss from the sale of the asset?

$5,000 loss

Explanation:

Net book value of an asset = cost - accumulated depreciation

                                          = $55,000 - $35,000 = $20,000

The asset was sold for $15,000 which is $5,000 less than the net book value. The asset was therefore sold at a loss

what

explanation:

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