A gain on disposal of an asset is listed as:

A) a liability on the balance sheet.
B) an asset on the balance sheet.
C) other expense on the income statement.
D) other income on the income statement.

Accumulated Depreciation

The total depreciation of an asset over its useful life, subtracted from its original cost to calculate its net book value.

Disposal

The action of getting rid of an asset through sale, trade, abandonment, or another method.

Asset

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.