Questions: Gains on the sale of long-term assets for cash are: Multiple Choice Reported on a net-of-tax basis, if material. The excess of the cash received over the book value. The excess of the book value over the cash received. Recorded only if the value of the asset has increased since its purchase.

The answer is the second one: The excess of the cash received over the book value.

Explanation for each option:

1. Reported on a net-of-tax basis, if material.
   This option is incorrect. Gains on the sale of long-term assets are typically reported as part of income from continuing operations and are not reported net of tax on the income statement. Taxes are considered separately.

2. The excess of the cash received over the book value.
   This option is correct. A gain on the sale of a long-term asset occurs when the cash received from the sale exceeds the asset's book value (original cost minus accumulated depreciation).

3. The excess of the book value over the cash received.
   This option is incorrect. If the book value exceeds the cash received, it results in a loss, not a gain.

4. Recorded only if the value of the asset has increased since its purchase.
   This option is incorrect. Gains are recorded based on the difference between the cash received and the book value, regardless of whether the asset's market value has increased since its purchase.

In summary, a gain on the sale of a long-term asset is recognized when the cash received is greater than the asset's book value.