Question Details

Companies always treat gains or losses from an involuntary conversion 



True or false:
1.	Costs incurred subsequent to the acquisition of an asset are capitalized if they provide future benefits.

	2.	Improvements are often referred to as betterments and involve the substitution of a better asset for the one currently used.
	3.	When an ordinary repair occurs, several periods will usually benefit.

	4.	Companies always treat gains or losses from an involuntary conversion as extraordinary items.

	5.	If a company scraps an asset without any cash recovery, it recognizes a loss equal to the asset- book value.





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