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Which of the following statements is correct with respect to the sale of a depreciable asset? Multiple Choice A gain occurs when the selling price

Which of the following statements is correct with respect to the sale of a depreciable asset?

Multiple Choice

A gain occurs when the selling price exceeds book value.

A sale for a gain results in a decrease in total assets.

A sale for a loss results in an increase in total assets.

A loss occurs when the selling price is more than book value.

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