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7. The cost of fully depreciated asset remaining in service and the related accumulated depreciation (1 Point) should not be removed for the accounts and therefore included from property, plant and equipment without disclosure should be removed for the accounts and excluded from property, plant and equipment. should not be removed for the accounts and therefore included from property, plant and equipment with disclosure. should be adjusted to conform to new estimated useful life.

Question

7. The cost of fully depreciated asset remaining in service and the related accumulated depreciation (1 Point) should not be removed for the accounts and therefore included from property, plant and equipment without disclosure should be removed for the accounts and excluded from property, plant and equipment. should not be removed for the accounts and therefore included from property, plant and equipment with disclosure. should be adjusted to conform to new estimated useful life.

7. The cost of fully depreciated asset remaining in service and the related accumulated depreciation (1 Point) should not be removed for the accounts and therefore included from property, plant and equipment without disclosure should be removed for the accounts and excluded from property, plant and equipment. should not be removed for the accounts and therefore included from property, plant and equipment with disclosure. should be adjusted to conform to new estimated useful life.

Solution

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RamonaMaster · Tutor for 5 years

Answer

### C. should not be removed for the accounts and therefore included from property, plant and equipment with disclosure.

Explain

## Step 1: Analyze the accounting treatment for fully depreciated assets<br />### Fully depreciated assets that remain in service are typically not removed from the accounts. They are included in property, plant, and equipment (PPE) with proper disclosure to ensure transparency in financial reporting.
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