Reference no: EM132606312

Question - The management of Omega Co. has decided to sell some of its long-term assets in order to generate cash. The following events occurred during the current year.

a. Sold a truck with an historical cost of $20,000 and accumulated depreciation of $14,000 for $4,000 in cash.

b. Sold land with an historical cost of $100,000 for $120,000 in cash.

c. Purchased a new truck for $33,000 cash.

d. Sold factory equipment with an historical cost of $90,000 and accumulated depreciation of $60,000 for $23,000.

e. Sold an old office building with an historical cost of $500,000 and accumulated depreciation of $300,000 for $190,000 cash.

What is the total net gain or loss from all of the transactions combined?

A) Net loss 5,000

B) Net loss 1,000

C) Net Gain 4,000

D) Net Gain 1,000