QUESTION 18 When a plant asset is traded for another similar asset, losses on the asset traded are not recognized. True False QUESTION 19 An asset was purchased for S120,000 on January 1, Year 1, and originally estimated to have a useful life of 10 years with a residual value of $10,000. At the the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of S2,000. Calculate the third using the revised amounts and straight-line method. a.$11,000 b.$24,000 c.$24,500 d. $25,000 QUESTION 20 Which of the following statements is true? O a A larger fixed asset turnover ratio is associated with firms that are more labor intensive and require smaller fixed asset investments. b. The fixed asset ratio cannot be compared across time for an individual company. c. The fixed asset ratio is not useful for comparing different companies. O d A smaller fixed asset turnover ratio is associated with firms that are more labor intensive and require smaller fixed asset investments