A fixed asset's estimated value at the time it is to be retired from service is called

A) book value
B) residual value
C) market value
D) carrying value

The estimated value at the time an asset is to be retired from service is known as residual value, also referred to as salvage value or scrap value. This value is used in calculating depreciation expense for the asset. Book value is the value of the asset on the balance sheet, carrying value is the cost of the asset minus accumulated depreciation, and market value is the price at which the asset could be sold in the current market.