Equipment costing $100,000 with accumulated depreciation of $40,000 is sold at a loss of $10,000. This implies that $40,000 cash was received from the sale.
Answer the following statement true (T) or false (F)
False
| Cost of asset | $ | 100,000 | |
| Accumulated depreciation | 40,000 | ||
| Book value | 60,000 | ||
| Cash received | (50,000 | ) | |
| Loss on sale | $ | 10,000 |
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