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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