100 points A company has longlived tangible assets with a co

1.00 points A company has long-lived tangible assets with a cost of $3.5 million; its Accumulated Depreciation account has a balance of $1.1 million. Which of the following statements is correct? O The book value of long-lived assets is $2.4 million. O The market value of long-lived assets is $3.5 million. O The carrying value of long-lived assets is $3.5 million. O The resale value of long-lived assets is $2.4 million

Solution

Book value of long lived asset is cost less accumulated depreciation (3.5-1.1) i.e. $2.4 million .

Right answer is option 1.