When a property, plant, and equipment asset is sold for cash, any gain or loss on the asset sold should be recorded.

Name: When a property, plant, and equipment asset is sold for cash, any gain or loss on the asset sold should be recorded.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When a property, plant, and equipment asset is sold for cash, any gain or loss on the asset sold should be recorded in the income statement. This is done to accurately reflect the financial performance of the company.

When a Property, Plant, and Equipment Asset Is Sold for Cash