Respuesta :
If the asset were sold on March 31, 2024, based on the information provided, the gain or loss would be $11,300. The asset is a resource that you own or lease that is valuable and aids in the operation of your firm.
What asset do you refer to?
An asset is something that has value in both the now and the future. A piece of equipment, a financial instrument, or a patent are examples of assets that commonly provide cash flows in the future. Examples of personal property include houses, automobiles, investments, works of art, and household goods.
What kind of asset is that?
In addition to intangible elements like intellectual property rights, royalties, and other patents, assets also include tangible objects like machinery, real land, raw materials, and inventories.
Briefing:
Depreciation per units= (Original cost - Residual value) ÷ (Estimated production units)
Depreciation per units= ($110,000 - $35,900) ÷ 26,000 units
Depreciation per units= $74,100 ÷ 26,000 units
Depreciation per units= $2.85per units
Accumulated depreciation=(1300 units × $2.85)+( 7000units × $2.85)+(8000 units × $2.85)+( 1700 units × $2.85)
Accumulated depreciation= $3705 + $19950 + $22800 + $4845
Accumulated depreciation= $51,300,
Book value= Acquired value of an asset - Accumulated depreciation
Book value= $110,000 - $51,300
Book value= $58,700
Gain or Loss= Sale value - Book value
Gain or Loss= $70,000 - $58,700
Gain or Loss= $11,300 gain
Inconclusion the gain or loss if the asset was sold on March 31, 2024 is $11,300 gain.
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