20) Which of the following statement regarding long-term operating assets classified as held for disposal is false? A) Long-term operating assets classified as held for disposal are valued at net realizable value. B) Companies do not depreciate long-term operating assets classified as held for disposal. C) If the company writes down the asset in one period, the company can report an increase in value in the subsequent period up to, but not exceeding, the carrying value before the write-off. D) Companies must report individual long-term operating assets classified as held for disposal separately on the balance sheet. 21) Long-term asset that is retired from operations and held for disposal or sale are valued at A) lower of carrying value or net realizable value B) lower of cost or market C) value in use D) replacement cost 22) In early 2015 , Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $460,000 and accumulated depreciation was $310,000. At that time, the machine was retired from operations, the book value of the machine approximated its fair value. On December 31,2016 , the fair value of the machine was determined to be $110,000. On December 31,2017 , the fair value of the machine was determined to be $160,000. Which of the following would be included in a related adjusting entry on December 31,2017 ? A) credit Gain on Machine Held for Disposal for $160,000 B) credit Gain on Machine Held for Disposal for $50,000 C) credit Gain on Machine Held for Disposal for $40,000 D) No adjusting entry is required