Which of the following is false? Select one: O When no proceeds are received on retirement of an asset, a gain can never be recorded. O When an asset is fully depreciated, it is removed from the accounting records. When the proceeds are more than the carrying amount, there is a gain on disposal. Depreciation needs to be updated when an asset is sold part way through the year. Which of the following is true? Select one: Equipment purchased under a capital lease is recorded as a depreciable asset and depreciated. O Total depreciation over the life of a piece of equipment will differ depending on which depreciation method is used An impairment loss is calculated by deducting the carrying amount of an asset from its recoverable amount. The straight-line method of depreciation results in an equal amount of pre-tax cash flow for each year of a