If Valtrex Inc. Sells a Major Plant Asset

question 157

Multiple Choice

If Valtrex Inc. sells a major plant asset:

• A)depreciation expense should be recorded through the date of sale.
• B)the book value of the asset should be credited to the asset account.
• C)no gain should be recognized if depreciation expense was taken on the asset before the asset was sold.
• D)a loss should be recognized, but not a gain, if depreciation expense was taken on the asset before the asset was sold.

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