Question

What factors are used to calculate a gain or loss on the disposal of an asset?
sale price and asset cost
sale price, asset cost, and accumulated depreciation
sale price, asset cost, and useful life
sale price and accumulated depreciation

Answer 1

Final answer:

The factors used to calculate a gain or loss on the disposal of an asset involve sale price, asset cost, and accumulated depreciation.

Explanation:

Factors used to calculate a gain or loss on the disposal of an asset include:

1. Sale price
2. Asset cost
3. Accumulated depreciation

When an asset is disposed of, the gain or loss is determined by comparing the sale price of the asset with the asset's cost and the accumulated depreciation.

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