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Question - Crystal Corporation had beginning property, plant, and equipment, net of amortization, of $427,500 and an ending net amount of $579,300. The income statement reported amortization expense of $38,700 for the year. Crystal Corporation acquired $275,000 of property, plant, and equipment during the year and reported cash received from the sale of property, plant, and equipment of $89,200 for the year. Find the gain or loss resulting from the sale of property, plant, and equipment?
A) $2,390 loss
B) $3,400 loss
C) $4,700 gain
D) $5,050 gain
The assumed continuation of a business entity in the absence of evidence to the contrary is an example of the accounting concept of:
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