If a Plant Asset Is Retired Before It Is Fully

question 215

Multiple Choice

If a plant asset is retired before it is fully depreciated and no salvage or scrap value is received,

• A)a gain on disposal will be recorded.
• B)phantom depreciation must be taken as though the asset were still on the books.
• C)a loss on disposal will be recorded.
• D)no gain or loss on disposal will be recorded.

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Definitions:

Liberty

A fundamental principle signifying freedom from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.

Federal Government

A system in which power is divided between a national (federal) government and various regional governments.

Largest Employer

The individual organization or entity that employs the highest number of workers in a given area, sector, or country.

Minority Rights

Minority rights are the normal individual rights as applied to members of racial, ethnic, class, religious, linguistic, or sexual minorities; and also the collective rights accorded to minority groups.