Gains on the sale of long-term assets for cash:
A) Are the excess of the book value over the cash received.
B) Are recorded as a debit.
C) Are reported on a net-of-tax basis, if material.
D) Are the excess of the cash received over the book value.
Answer: D
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.