When an Asset Is Sold, a Gain Is Reported That

question 136

Multiple Choice

When an asset is sold, a gain is reported that is equal to the amount that the

• A) proceeds received exceed the carrying amount of the asset sold.
• B) proceeds received exceed the original cost of the asset sold.
• C) carrying amount exceeds the proceeds received for the asset sold.
• D) proceeds received exceed the depreciable cost of the asset sold.