Multiple Choice
If a fully depreciated asset with no residual value is "retired" to a junk yard without receiving any cash:
A) a gain on disposal will be recorded.
B) depreciation must be recorded as though the asset were still on the books.
C) a loss on disposal will be recorded.
D) no gain or loss on disposal will be recorded.
Correct Answer:
Verified
Correct Answer:
Verified
Q268: A company purchased a computer system on
Q269: An asset's useful life is based on
Q270: Match each term with the appropriate explanation.Not
Q271: Extraordinary repairs,replacements,and additions are added to the
Q272: The units-of-production method provides the closest matching
Q274: The write-down of goodwill due to impairment
Q275: The MegaHit Film Studio owns a production
Q276: Mia Hero Shop sold its table with
Q277: An asset's cost minus accumulated depreciation is
Q278: Match each term with the appropriate explanation.Not