Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 10 - Acquisition and Disposition of Property, Plant, and Equipment - Review and Practice - Questions - Page 532: 23

Answer

A gain or loss in disposal of an asset should be reported as an income or expense, respectively, in the income statement of the transactional period.

Work Step by Step

The resulting profit or loss shall be captured in the income statement.
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