ACCTSol84.pdf - 53 Award 1.00 point Val Ltd began the year...

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53. Award: 1.00 point 54. Award: 1.00 point Val Ltd. began the year with capital assets of $743,000 and accumulated amortization of $121,000. During the year, capital assets were purchased for $78,000 and capital assets were sold for proceeds of $17,000. Amortization expense for the year was $31,000. At the end of the year, Val had capital assets of $750,000 and accumulated amortization of $103,000. What was the gain/loss on the disposal of capital assets? $5,000 gain $5,000 loss $30,000 gain $14,000 gain Unable to determine from data provided Excelsior Inc. began the year with capital assets of $200,000 and accumulated amortization of $100,000. During the year, capital assets were purchased for $50,000 and capital assets were sold for proceeds of $1,000. Amortization expense for the year was $22,000. At the end of the year, Excelsior had capital assets of $242,000 and accumulated amortization of $115,000. What was the gain/loss on the disposal of capital assets? $1,000 gain $2,000 loss $5,000 loss $8,000 gain None of the other alternatives are correct
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