Profit on the Sale of an Asset Is Calculated

question 49

Multiple Choice

Profit on the sale of an asset is calculated:

• A) by subtracting the disposal proceeds from the current carrying amount of the asset.
• B) after assessing the fair value of the asset and subtracting the proceeds on the sale.
• C) once depreciation has been applied to the date of sale.
• D) by subtracting the updated carrying amount from the net proceeds on disposal.

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