When a plant asset,fully depreciated and has no residual value,is discarded,the company will remove the Plant Asset Account and the Accumulated Depreciation Account from their books.

Question

Quizplus · Accepted Answer

When a fully depreciated plant asset with no residual value is discarded, the company will remove the Plant Asset Account and the Accumulated Depreciation Account from their books. This is because the asset has reached the end of its useful life and no longer holds any value.

When a Plant Asset,fully Depreciated and Has No Residual Value,is