48. If a long-term asset is sold and a loss is incurred, the entry to record the sale would include a credit to a. Accumulated Depreciation b. Loss on Sale of Asset. c. the long-term asset, i.e. Plant Asset (s). d. Cash. 49. Which of the following statements is TRUE? Allocating the cost of a plant asset over its useful life is called depreciation. a. A1locating the cost of a natural resource to an expense is called depletion. b. c. Most intangible assets are amortized. d. All of the above are true. term investments can be defined as