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Motor Sales sold its old office furniture for $5,500. The original cost was $17,000, and at the time of sale, accumulated dep

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Answer #1

Net Book Value at the time of Sale = Original Cost - Accumulated Depreciation

= $17,000 - $12,000 = $5,000

Gain = Sale price - Net Book Value at the time of Sale

= $5,500 - $5,000 = $500

Option B. is correct answer.

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