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Question(s) / Instruction(s):

A company sells a plant asset which originally cost $180,000 for $60,000 on December 31, 2002.  The Accumulated Depreciation account had a balance of $72,000 after the current year's depreciation of $18,000 had been recorded.  The company should recognize a

a)            $120,000 loss on disposal.

b)            $48,000 gain on disposal.

c)            $48,000 loss on disposal.

d)            $30,000 loss on disposal.

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