Long-lived assets held for sale are tested for impairments. And if the carrying amount at the time of the reclassification exceeds the recoverable amount, the impairment is recognized, and the asset held for sale ceases to be depreciated or amortized. Do note, that the expense through the impairment will be recognized, even if the depreciation expense ceases. Once the asset held for sale does get sold, the gain or loss at the time of sale will be the sale price minus the carrying amount at the time. Do note, a company derecognizes an asset when the asset is disposed or is not expected to provide future benefits.
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