Which of the following statements is NOT true when a fully depreciated long-lived asset is retired?
A) The long-lived asset's carrying amount is equal to its estimated residual value.
B) The accumulated depreciation account is debited.
C) The asset account is credited.
D) The long-lived asset's original cost equals its carrying amount.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is NOT true when a fully depreciated long-lived asset is retired?
A) The long-lived asset's carrying amount is equal to its estimated residual value.
B) The accumulated depreciation account is debited.
C) The asset account is credited.
D) The long-lived asset's original cost equals its carrying amount.

Which of the Following Statements Is NOT True When a Fully