The Robbins Foundation is a voluntary health and welfare organization funded by contributions from the general public. Care sold equipment for $35,000 which cost $140,000 and had a book value of $45,000 at the time of sale. In recording the sale, the foundation should:
A. record a gain of $5,000.
B. record a gain of $10,000.
C. record a loss of $10,000.
D. record a loss of $5,000.
Answer: C
Business
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