The book value of an asset will equal its fair market value at the date of sale if:?
The book value of an asset will equal its fair market value at the date of sale if:
a) no gain or loss on disposal is recorded.
b) a loss on disposal is recorded.
c) a gain on disposal is recorded.
Which of the following scenarios accurately describes the conditions under which the book value of an asset aligns with its fair market value at the time of sale?
2 Answers
a) no gain or loss on disposal is recorded.
If the fair market value equals the book value, you will have no gain or loss on disposal.
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