When a Company Sells an Asset at a Gain, Which

Multiple Choice

When a company sells an asset at a gain, which of the following is true?

A) Proceeds from the sale exceeded the historical cost of the asset on the statement of financial position.
B) Proceeds from the sale were less than the book value of the asset on the statement of financial position.
C) Proceeds from the sale exceeded the book value of the asset on the statement of financial position.
D) Proceeds from the sale are equal to the historical cost of the asset on the statement of financial position.