Sale of a Plant Asset Assignment
February 24th, 2020
23. Additions and improvements are costs incurred to increase the operating efficiency, productive capacity, or expected useful life and are referred to as _________________.
24. A _____________ decline in the market value of an asset is referred to as an impairment.
25. If disposal of a plant asset occurs at any time during the year, ___________________ for the fraction of the year to the date of disposal must be recorded.
26. If the proceeds from the sale of a plant asset exceed its ______________, a gain on disposal will occur. .