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<p>a. Amount of proceeds from sales exceed the carrying value of the asset.</p> <p>b. Amount of proceeds from sales are less than the carrying value of the asset.</p> <p>c. Amount of proceeds and carrying value of the asset are equal.</p>
b. Amount of proceeds from sales are less than the carrying value of the asset.
answer is b as the amoung of proceeds is less than the carrying amount
Answer :: B
Example
Debit Cash 50 $ less than carrying amount of
Debit loss from asset sales 10 $
Credit asset 60$ by carrying amount net after depreciation
answer is b
B. Proceeds is less than the carrying amount of the Asset.
b is the correct answer
