If a fully depreciated plant asset is still used by a company, the

Question

Quizplus · Accepted Answer

When a fully depreciated plant asset is still used by a company, the asset and its accumulated depreciation continue to be reported on the balance sheet without adjustment until the asset is retired. This is because the asset still has value to the company and continues to generate economic benefits, even if it has been fully depreciated. The estimated remaining useful life does not need to be revised as the asset has already been fully depreciated.

If a Fully Depreciated Plant Asset Is Still Used by a Company