When an asset is sold, a gain is recognized when the

		sale price exceeds the depreciable cost of the asset sold.
		sale price exceeds the original cost of the asset sold.
		sale price exceeds the book value (cost accumulated depreciation) of the asset sold.
		book value (cost accumulated depreciation) exceeds the sale price of the asset sold.

Which of the following items are capital expenditures?

		ordinary repairs and maintenance of a moving van.
		overhaul of a moving van's engine resulting in a one-year extension of the van's useful life.
		replacement of a moving van's windshield due to rock chips.
		all of the choices are correct.

Bonds that may reacquired by the issuer (from the investors) prior to maturity are:

		callable bonds.
		secured bonds.
		convertible bonds.
		debentures.