Question: Using the dropdowns provided, answer the following true or false questions. When a piece of equipment lasts longer than expected, a company must record a

Using the dropdowns provided, answer the following true or false questions.

  • When a piece of equipment lasts longer than expected, a company must record a gain.
  • Elspeth realizes that equipment she spent a lot of money on is worth much less than expected, so she records an impairment loss. True or false: This entry will require a reduction to the equipment's Accumulated Deprecation
  • Ronaldo Company decides to retire a piece of equipment. At the time of retirement, the equipment has a net book value of $150. True or false: This retirement will definitely result in a loss.
  • If a company determines that an asset is impaired, it should record an impairment loss for the difference between the net book value and estimated future cash flows.

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