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Which entries appropriately reflects the gain or loss

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Problem 1: Mega limited acquired the net assets of Tech Limited. Mega Limited provided an item of furniture as part of the consideration. The fair value of the equipment was $50,000. It cost $80,000 and had a carrying amount of 46,000. Which of the following entries appropriately reflects the gain or loss on the equipment?

a. DR Loss on sale of $4,000

b. CR Loss on sale $4,000

c. DR Gain on sale $4,000

d. CR Gain on sale $4,000

Reference no: EM132616329

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