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The carrying amount of an asset with a residual value that has been in use for three years is: its depreciable amount less accumulated depreciation.
The carrying amount of an asset with a residual value that has been in use for three years is: its depreciable amount less accumulated depreciation.
its depreciable amount.
cost less accumulated depreciation.
cost less residual value.
Question should answer True or False
If the proceeds from the sale of equipment exceed its carrying amount, a gain on disposal is reported.
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