If a fixed asset is sold and the book value is less than cashreceived, the compa

ID: 2458187 • Letter: I

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If a fixed asset is sold and the book value is less than cashreceived, the company must __________.
a. Recognize a loss on the income statement under otherexpenses b. Recognize a loss on the income statement under operatingexpenses c. Recognize a gain on the income statement under otherrevenues d. Gains and losses are not to be recognized upon the sell offixed assets If a fixed asset is sold and the book value is less than cashreceived, the company must __________.
a. Recognize a loss on the income statement under otherexpenses b. Recognize a loss on the income statement under operatingexpenses c. Recognize a gain on the income statement under otherrevenues d. Gains and losses are not to be recognized upon the sell offixed assets

Explanation / Answer

Answer C. recognize a gain on the income statement under otherrevenues. If. Book value is less than cash received = Gain Book value is greater than cash received =Loss

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If a fixed asset is sold and the book value is less than cashreceived, the compa

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