Amazing Race Incorporated has decided to sell its 2-year-old helicopter,

which is currently advertised in a local newspaper and online. The price for the helicopter is set at $70,000 whereas a new helicopter is $85,000. An independent appraiser has confirmed that a price of $70k for the used helicopter is reasonable. Management expects to find a buyer within 12 months.

Which of the following is true regarding the potential sale of the helicopter by Amazing Race Incorporated?

Amazing Race should remove the helicopter from its books

None of the other alternatives are correct

Amazing Race Incorporated should show the helicopter on its balance sheet at NRV

Amazing Race Incorporated should continue depreciating the helicopter

Amazing Race Incorporated should ensure the helicopter is the last asset listed on the balance sheet under the heading "Assets"

Answer rating: 100% (QA)

Reason The asset has met all the six criterias necessary that asset is he... View the full answer