C is corrent because ASC Topic 360 permits recoveries of losses recognized on assets to be disposed of in subsequent periods, as fair value less cost to sell changes, but only up to the carrying amount of the asset before loss recognition occurred. Subsequent to the decision to dispose of an asset, it shall be reclassified under "other assets" and depreciation on the asset should no longer be recognized. Thus answers A, B, and D are incorrect.
A is incorrect. ASC Topic 360 permits recoveries of losses recognized on assets to be disposed of in subsequent periods, as fair value less cost to sell changes, but only up to the carrying amount of the asset before loss recognition occurred. Subsequent to the decision to dispose of an asset, it shall be reclassified under "other assets" and depreciation on the asset should no longer be recognized. Thus answers A, B, and D are incorrect.
A is incorrect. ASC Topic 360 permits recoveries of losses recognized on assets to be disposed of in subsequent periods, as fair value less cost to sell changes, but only up to the carrying amount of the asset before loss recognition occurred. Subsequent to the decision to dispose of an asset, it shall be reclassified under "other assets" and depreciation on the asset should no longer be recognized. Thus answers A, B, and D are incorrect.
D is incorrect. ASC Topic 360 permits recoveries of losses recognized on assets to be disposed of in subsequent periods, as fair value less cost to sell changes, but only up to the carrying amount of the asset before loss recognition occurred. Subsequent to the decision to dispose of an asset, it shall be reclassified under "other assets" and depreciation on the asset should no longer be recognized. Thus answers A, B, and D are incorrect.
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