A company sells a plant asset which originally cost $360000 for $120000 on December 31 2017. The Accumulated Depreciation account had a balance of $144000 after the current year's depreciation of $36000 had been recorded. The company should recognize a

A) $240000 loss on disposal.
B) $96000 gain on disposal.
C) $96000 loss on disposal.
D) $60000 loss on disposal.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was acquired, reflecting its use and wear and tear over time.

Loss on Disposal

The financial loss incurred when an asset is sold for less than its book value.

Plant Asset

Long-term tangible assets that are used in the production of goods or services and are not intended for sale.