A plant asset must be fully depreciated before it can be removed from the books.

Name: A plant asset must be fully depreciated before it can be removed from the books.
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Question

Quizplus · Accepted Answer

A plant asset does not need to be fully depreciated before it can be removed from the books. It can be removed if it is sold, disposed of, or retired. The remaining book value of the asset is then removed from the balance sheet through a debit to accumulated depreciation and a credit to the plant asset account.

A Plant Asset Must Be Fully Depreciated Before It Can