When an Asset Is Sold,a Gain Is Calculated as the Difference

question 52

Multiple Choice

When an asset is sold,a gain is calculated as the difference between

• A)sale price and the depreciable cost of the asset sold.
• B)sale price and the carrying value of the asset sold.
• C)carrying value and the residual value of the asset sold.
• D)sale price and the original cost of the asset sold.

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Definitions:

Hollywood Movies

Cinematic works produced and distributed by the film industry in Hollywood, recognized for shaping visual culture and entertainment globally.

Native Americans

The indigenous peoples and communities that were present in North America prior to European colonization.

Coastal States

States geographically located along the coastlines, typically known for their maritime industries, tourism, and, often, strategic economic and military significance.

Southern California

A geographic and cultural region that encompasses the southern portion of the state of California, known for its warm climate, and entertainment and technology industries.