A gain is recorded on the sale of fixed assets when:
A) the asset is sold for a price less than its book value.
B) the asset is sold for a price more than its book value.
C) accumulated depreciation on asset is less than its selling price.
D) accumulated depreciation on asset is more than its selling price.

Question

Quizplus · Accepted Answer

A gain is recorded when an asset is sold for a price more than its book value, which is the original cost of the asset minus the accumulated depreciation.

A Gain Is Recorded on the Sale of Fixed Assets