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Carly's Classic Limo Service sold one of its automobiles for $19,000. The car was an antique car that Carly used to promote the business. The car had an original cost of $13,000 with $11,000 in accumulated depreciation. The recognized gain on the sale was $

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Answer:

$17,000

Explanation:

The reason is that the recognized gain is the difference between the Carrying Value and the Sale Value of the asset.

Here

Carrying value of asset = $13,000 Cost    -  $11,000 Accumulated Depreciation

Carrying value of asset = $2,000

Sale Value is $19,000

Recognized Gain = $19,000 Sale Value     -    Carrying Value $2,000

Recognized Gain = $17,000

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