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1. Christopher Inc. sold a fixed asset for $37,000 and experienced a $6,000 loss on the disposal. What is the book value of the asset?

1. Christopher Inc. sold a fixed asset for $37,000 and experienced a $6,000 loss on the disposal. What is the book value of the asset? a. $6,000 b. $37,000 c. $43,000 d. $31,000 dx 2. Which of the following statements is false? a. Three journal entries are required for disposals of fixed assets. b. Disposal may occur at the end of the asset's useful life or at some other time. c. Voluntary disposal occurs when the company determines that the asset is no longer useful. d. Involuntary disposal occurs when assets are lost or destroyed through theft, acts of nature, or by accident. b X

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