Multiple Choice
If the carrying amount of an asset equals its fair value at the date of sale,
A) a gain on disposal is recorded.
B) no gain or loss on disposal is recorded.
C) the long-lived asset is fully depreciated.
D) a loss on disposal is recorded.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q103: If an intangible asset with an indefinite
Q104: Goodwill has an indefinite life.
Q105: Below are selected entries for Econi Co.<br>1.
Q106: A company purchased property for $300,000. The
Q107: In a disposal of an asset, if
Q109: If long-lived assets are intended for sale,
Q110: In the diminishing-balance method, the rate of
Q111: Intangible assets<br>A) are not reported on the
Q112: A factory machine was purchased for $20,000
Q113: Which of the following items qualify as