Answer the following statements true (T) or false (F)
1. Regardless of the type of plant asset disposal, the first step is to bring the depreciation up to date.
2. A fully depreciated plant asset that is still in service is not reported as an asset on the balance sheet.
3. Plant assets remain on the business's books until they are disposed of.
4. Gain or loss is determined by comparing the cash received and the market value of any other asset received with the historical cost of the asset disposed of.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
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