The book value of a plant asset is?

The original cost of the item less accumulated depreciation for the item. AndThe gross book value is the original/historical price paid for an asset, without a depreciation deduction.

Alright, here is what u do !!! Lets say u have an asset that cost $10,000 and it falls under a 5 Years MACRS Depreciation allowance of 20% on the first year, 32 % on the second year, 19% on the third...

Capitalized Cost minus Accumulated Depreciation

Original cost less the accumulated depreciation

Conservatism If a situation arises where there are two acceptable alternatives for reporting an item, conservatism directs the accountant to choose the alternative that will result in less net income...