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Question(s) / Instruction(s):

An assets book value is $15,000 on June 30, 2007. The asset is being depreciated at an annual rate of $3,500 on the straight-line method. Assuming the asset is sold on December 31, 2008 for $15,000, the company should record: A. A gain on sale of $5,250. B. A gain on sale of $3,500. C. A loss on sale of $5,250. D. Neither a gain nor a loss is recognized on this type of transaction. E. A loss on sale of $3,500.

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