Acompany sells a plant asset that originally cost $564000 for $222000 on december 31, 2017. the accumulated depreciation account had a balance of $282000 after the current year's depreciation of $47000 had been recorded. the company should recognize a

The company should recognize a loss of $60,000

Explanation:

Data provided in the question:

Original cost = $564,000

Selling price = $222,000

Accumulated depreciation balance = $282,000

Current year's depreciation = $47000

Now,

The book value of the plant asset

= Original cost - Accumulated depreciation balance

= $564,000 - $282,000

= $282,000

therefore,

Gain = Selling price - Book value

= $222,000 - $282,000

= -$60,000

Here, the negative sign means loss

Therefore,

The company should recognize a loss of $60,000

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explanation:

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