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Which of the following statements concerning fixed assets is incorrect?
a) Routine repairs and maintenance would increase a fixed asset's book value.
b) The depreciable cost of a fixed asset includes all amounts spent to get the asset ready for use.
c) Capital expenditures require that depreciation be revised.
d) If a company sells a fixed asset for less than its book value, a loss is recognized.
e) An asset's expected useful life refers to the period of time over which the asset is expected to be in service.
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