Which of the following statements is true? When selling equipment, if the book value is greater than

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Which of the following statements is true?

		When selling equipment, if the book value is greater than the selling price, the firm should record a gain on sale.
		Regarding equipment, if the book value is less than the market value, the firm should record a gain, regardless of whether the equipment is held for sale.
		When selling equipment, if the book value is less than the selling price, the firm should record a gain on sale.
		Regarding equipment, if the book value is greater than the market value, the firm should record a gain, regardless of whether the equipment is held for sale.

Related Book For answer-question

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Financial accounting

Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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Posted Date: Oct 14, 2022 08:41 AM

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