b. The trade in value of the old asset is greater than the cash paid on the 9. (3 Points) A Gain on a trade in of a plant asset results when: a. The trade in value of the old asset is less than its Book Value exchange in value of the olde is greater than C. The trade in value of the old asset is greater than its Book Value d. The trade in value of the old asset is less than the cash paid on the exchange pointe gun 10. (3 Points) In a period of inflation, the following method of pricing inventory results in the Lowest Gross Profit. FIFO 6) LIFOC obouepuk orporaqobane bois Average Cost Specific Identification dan de casa para sau air the wa AS a. b. c. d. a. 11. (3 Points) A machine that is fully depreciated but it is still being used in the operation of the business Must be removed from the Balance Sheet b. Must remain in the Balance Sheet at Cost without regard to Accumulated Depreciation. Must remain in the Balance sheet with a Zero Book Value d. Must continue to be depreciated since it is still being used in the operation of the business C. 12. (5 Points) The Grey company's Allowance for Bad Debt Accounts has a beginning balance on Jan 1 of 4,000. During the year one of its customer, Excelsior company went out of business and Grey wrote off a bad debt determined that 7,500 may not be collected via an Aging Study. Record the adjusting entry necessary at the end of the year or Dec 31