Answer:
The book value of an asset does not always equal the fair market value at the time of sale. The book value of an asset is its worth as documented in the company's accounting records, and it is often derived by deducting accrued depreciation from the item's initial cost.
The price at which the item would be sold in an open and competitive market between a willing buyer and a willing seller, both with reasonable knowledge of the relevant circumstances, is known as fair market value.
The fair market value of an asset might change over time owing to a variety of reasons such as market circumstances, supply and demand, economic trends, and other external factors. As a result, an asset's fair market value may be greater or lower than its book value at the time of sale.
In conclusion, an asset's book value and fair market value are not the same, and they might differ dramatically at the moment of sale.