A gain on disposal of an asset occurs when the proceeds of the sale are greater than the
A) loan outstanding on the asset sold.
B) fair value of the asset sold.
C) carrying amount of the asset sold.
D) the original cost of the asset sold.
Correct Answer:
Verified
Q141: If a long-lived asset is sold and
Q142: If disposal of a long-lived asset occurs
Q143: If a long-lived asset is sold before
Q144: Which of the following methods of depreciation
Q145: If a fully depreciated long-lived asset is
Q147: Revaluation model is allowed under IFRS mainly
Q148: The units-of-production method is ideal for equipment
Q149: A gain or loss on disposal of
Q150: Property, plant, and equipment are considered impaired
Q151: A change in the estimated useful life
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents