A company exchanged land for equipment and $2,300 in cash. The book value and the fair value of the land were $105,400 and $89,700, respectively. Assuming that the exchange has commercial substance, the company would record equipment and a gain / (loss) of: Equipment Gain / (loss) a.$87,400 $2,300 b.$105,400 $ (2,300) c.$87,400 $ (15,700) d. None of these answer choices are correct.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A company exchanged land for equipment and $2,300 in cash. The book value and the fair value of the land were $105,400 and $89,700, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Suppose the spot exchange rate for the Hungarian forint is HUF 204.22. The inflation rate in the United States will be 1.5 percent per year. It will be 4.5 percent in Hungary. a.
Answers (1)
If expansionary policy produces high GDP and low unemployment, why wouldn't the Fed always use expansionary policy?
Answers (1)
Economic systems must answer the three economic questions because resources are scarce. a. True b. False
Answers (1)
If a nation is going to achieve and sustain a high rate of economic growth, it must prohibit low-wage foreign producers from supplying goods to the domestic market. have an abundant domestic supply of low cost energy resources.
Answers (2)
The least expensive type of life insurance is
Answers (1)
New Questions in Business
Compute the average days in inventory ratio using the following information: Net sales is $200,000 for the year, cost of goods sold are $80,000, last year's total assets were $900,000, and this year's total assets are $1,100,000.
Answers (1)
You are the project manager of the BHY Project. Your project customer has demanded that the project becompleted by December 1. December 1 is an example of which one of the following? A. ConstraintB. AssumptionC. Project boundaryD.
Answers (1)
Harrison Recyclers Company uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2017: 1. Retained Earnings, beginning balance, $142,000 2. Retained Earnings, ending balance, $122.000 3.
Answers (1)
Assume that total costs assigned to the setup activity cost pool in March are $120,000 and 100 setups were completed in March. Further, assume that during March machines were setup 20 times to make product X5.
Answers (1)
The accounting cycle starts with a. closing out the periodic accounts. b. recording the transaction based on the information in a source document. c. preparing the financial statements. d. preparing the adjusting entries.
Answers (1)