On january 1, 2019, plant assets, net are $200,000. on december 31, 2019, plant assets, net are $250,000. depreciation expense for the year is $20,000. during the year, plant assets were acquired for $155,000 with cash. there is a gain on sale of plant asset of $8000. what is the book value of the plant asset sold during the year?

a. $105,000
b. $77,000
c. $85,000
d. $0

C. $85,000

Explanation:

Given;

Net book value of assets on 1 January, 2019 = $200,000

Net book value of assets on 31 December, 2019 = $250,000

Depreciation expense for the year = $20,000

Cost of asset acquired during the year = $155,000

Gain on asset disposed = $8000

Net book value of asset at year end = Net book value of assets at the beginning + cost of asset acquired during the year - depreciation charge for the year - net book value of asset disposed

250000 = 200000 +155000 - 20000 - net book value of asset disposed

net book value of asset disposed = 200000 +155000 - 20000 - 250000

                                                        = $85,000

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

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