A company bought a computer for$1,500. Three years later, the computer was sold for $300. Assuming a 5-year estimated service life and straight-line depreciation, which account(s) would be used to record the disposal of the assets? Select all that applys.

A. Gain/loss on sale of asset

B. Fixed Assets

C. Depreciation Expense

D. Sales Income

E. Accumulated depreciation

Answe:- A and D

The accounts that will be implemented to record the discarding of the assets are Gain/loss on sale of asset and Sales Income

What is a disposal account?

A disposal account computes the gain or loss explanation that seems in the income statement. The disposal account records the variance between the disposal profits and the net carrying quantity of the secure asset being disposed of. Henceforth, the account that will be implemented to record the disposal of the assets is Gain/loss on sale of asset and Sales Income The accounts that will be implemented to record the discarding of the assets are Gain/loss on sale of asset and Sales Income