Loss of value in a property as a result of defects in design is termed…… Obsolescence. Fill in the blank

The term, obsolescence, as it relates to the useful life of an asset, refers toGroup of answer choicesThe end of an asset's useful life.Intangible assets that have been fully amortizedThe insufficient capacity of a company's plant assets to meet the company's productive demandsA plant asset that is no longer useful in producing goods and services with a competitive advantage

use engineering terms for inevitable deterioration

By decomposing the design, __________ associated with bad design are reduced.a.Redundanciesb.Inconsistenciesc.All the aboved.Anomalies

A permanent decline in the ___________ of an asset is referred to as an impairment.Select answer from the options belowfair valueselling pricecarrying amountcost

An entity purchased property for $6 million on 1 July 20X3. The land element of thepurchase was $1 million. The expected life of the building was 50 years and its residual valuenil. On 30 June 20X5 the property was revalued to $7 million, of which the land element was$1.24 million and the buildings $5.76 million. On 30 June 20X7, the property was sold for$6.8 million.What is the gain on disposal of the property that would be reported in the statement ofprofit or loss for the year to 30 June 20X7?A Gain $40,000B Loss $200,000C Gain $1,000,000D Gain $1,240,000