A gain on the disposal of an asset occurs when the:
A)asset's book value is greater than the selling price.
B)asset's cost is greater than the asset's accumulated depreciation.
C)selling price is greater than the asset's book value.
D)accumulated depreciation is greater than the asset's book value.

Question

Quizplus · Accepted Answer

A gain on disposal means that the proceeds from sale were greater than the assets' book value at time of sale.

A Gain on the Disposal of an Asset Occurs When