Which of the following statements about derecognition of an asset is true?

A.

Derecognition increases or decreases the balance of the Allowance for Derecognition account.

B.

Before a gain or loss on derecognition is recognized, the firm must always first recognize current period depreciation expense.

C.

A loss on derecognition occurs when the amount of cash proceeds (if any) is less than the acquisition cost of the asset.

D.

Derecognition requires that the firm remove the asset acquisition value from the balance sheet but not the related accumulated depreciation.