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Question(s) / Instruction(s):

A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?

 a.           $3,500 gain         

b.            $2,000 loss         

c.             $1,500 loss         

d.            $2,000 gain

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