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Which of the following statements is true? When selling equipment, if the book value is greater than the selling price, the firm should record a

Which of the following statements is true?

		When selling equipment, if the book value is greater than the selling price, the firm should record a gain on sale.
		Regarding equipment, if the book value is less than the market value, the firm should record a gain, regardless of whether the equipment is held for sale.
		When selling equipment, if the book value is less than the selling price, the firm should record a gain on sale.
		Regarding equipment, if the book value is greater than the market value, the firm should record a gain, regardless of whether the equipment is held for sale.

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