4.

5.

6.

7.

Book value represents the cost of an asset that has already been allocated to expense. True or False The gain on the disposal of equipment is recognized when: Multiple Choice The book value of the equipment is greater than the value received. The book value of the equipment is less than the value recelved. A salvage value exists. A gain should not be recognized on the disposal of an asset period. Five or False Net cash flows from operating activities will have the same total no matter which method is used, direct or indirect. True or False