e MCQ 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. C 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