Choose "true" or "false" as applicable for each of the following items as they pertain to disposals of plant assets.

If the asset is sold, a gain will occur if the sell price of the asset exceeds the book value of the asset. (T/F)

If the asset is sold, a loss will occur if the book value of the asset exceeds the sell price of the asset. (T/F)

If the asset is discarded or retired, a loss will occur regardless of the book value of the asset. (T/F)

Gains and losses are deemed to result from normal operating activities. (T/F)