When an asset is fully depreciated, the carrying amount of the asset will be
A) nil.
B) equal to the trade-in value.
C) equal to the residual value.
D) equal to the fair value.

Question

Quizplus · Accepted Answer

When an asset is fully depreciated, its carrying amount is equal to its residual value, which is the estimated amount that will be recovered at the end of its useful life.

When an Asset Is Fully Depreciated, the Carrying Amount of the Asset