1.) If a depreciable asset is sold for its ___________ there is neither a gain nor a loss on the sale of the asset

Select one:

A.) Opportunity cost

B.) True cost

C.) Acquisition cost

D.) Historical cost

E.) Tax book value

2.) Hillaw associates has a car that for two years that it is considering selling. If the company sells the car for less than its book value, __________

Select one:

A.) The loss is treated as loss depreciation

B.) The loss reduces depreciation expenses

C.) The company will have a capital gain

D.) There are no tax consequences

3.) The NINV calculation for an asset replacement does not include ________

A.) Shipping costs for the new asset

B.) Increase in NWC

C.) after tax salvage value of the old asset

D.) Cost of the new asset

E.) Change in revenue of the firm due to replacement