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Question(s) / Instruction(s):

An asset's book value is $36,000 on January 1, 2007. The asset is being depreciated at a rate of $500 per month on the straight-line method. Assuming the asset is sold on July 1, 2008 for $25,000, the company should record: Answer 1. neither a gain nor loss is recognized on this type of transaction. 2. a gain on sale of $2,000. 3. a gain on sale of $1,000. 4. a loss on sale of $2,000.

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