Which of the following statements is not true when a fully depreciated long-term asset is retired?
A) The long-term asset's book value is equal to its estimated salvage value.
B) The accumulated depreciation account is debited.
C) The asset account is credited.
D) The long-term asset's original cost equals its book value.
Correct Answer:
Verified
Q25: A loss on disposal of a long-term
Q26: Expenditures that maintain the operating efficiency and
Q27: Losses on the exchange of similar assets
Q28: If similar assets are exchanged and a
Q29: A company sells a long-term asset that
Q32: If the proceeds from the sale of
Q33: Ken's Coffee Shop bought equipment for $48,000
Q34: On July 1, 2008, Morrow Motel Management
Q35: The book value of a long-term asset
Q104: Units-of-activity is an appropriate depreciation method to
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