if the proceeds from the sale of a plant asset exceed its book value, a gain on disposal occurs. group of answer choices true false

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08-12-2022
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if the proceeds from the sale of a plant asset exceed its book value, a gain on disposal occurs. group of answer choices true false

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akursharma9034 akursharma9034 · Answer 1 · 2022-12-17T08:23:33+01:00

A gain on disposal happens when the sale proceeds of a plant asset are higher than the asset's book value .its true.

The difference between the selling price and the asset's book value is compared when plant assets are sold. Gain on disposition occurs when the selling proceeds exceed the asset's book value. When the sale profits are less than the book value of the liquidated plant asset, a loss on disposal occurs. If an asset is sold for more than its book value, a gain is shown on the income statement. When book value exceeds fair value, an asset's worth is said to be "damaged." The impairment loss must also be accounted for in your income from continuing operations.

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