Wk 13 - Discussion Topic #1 (Disposal of Fixed Assets) Please complete both parts. Part I (1) What is the definition of a fixed asset and which types of expenses can be added to the capitalized cost of a fixed asset? (2) Please define the term "Net book value." Part II (a) Discarding of Machine #1: Original cost, $25,000; accumulated depreciation, $20,000. (b) Sale of Machine #2: Original cost, $50,000; accumulated depreciation, $35,000; sold for $18,000 cash. (c) Sale of Machine #3: Original cost, $75,000; accumulated depreciation, $65,000; sold for $4,000 cash