All the following statements are false except: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. The residual value of an asset is always equal to the market value when it reaches the end of its useful life. b If a used machine is purchased for operational use in a business, all renovation and repair costs on the used machine incurred by the purchaser prior to its operational use should be excluded from the cost of the asset. An asset must be fully depreciated before it can be removed from the books. d Building and equipment are recorded at their cost at acquisition and are subsequently reported at cost less accumulated depreciation