A compary is selling a Iong-lived asset with a carrying amount of $?0,000 for $50,000. The original cost of this asset was $120,000. In the year of sale, this event is most likely to be reported on the income statement as:
When a long lived asset is sold only the net gain or loss is reported on the income statement. The gain or loss on a sale = sales proceeds - carrying amount = $80,000 - ST0,000 = $10,000 gain.