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What salvage values to use for the various assets

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Reference no: EM132709370

Question 1: When a business sells a fully depreciated asset for its salvage value, is a gain or loss recognized?

Question 2: How do businesses determine what salvage values to use for their various assets? Are there "hard and fast" rules for salvage values?

Question 3: How would an organization prevent the kind of fraud depicted here?

Reference no: EM132709370

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