Alamos Co. exchanged equipment and $18,900 cash for similar equipment. The book value and the fair value of the old equipment were $81,300 and $91,400, respectively. Assuming that the exchange lacks commercial substance, Alamos would record a gain / (loss) of:
A. $29,000.
B. $ (10,100).
C. $ 0.
D. $ 10,100.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Alamos Co. exchanged equipment and $18,900 cash for similar equipment. The book value and the fair value of the old equipment were $81,300 ...” 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
Which term describes the act of working from a home, remote, or mobile location while connecting into the employer's private network, often using a vpn?
Answers (1)
Which of the following assets must be reported at the lower-of-cost-or-market value? A. Merchandise Inventory B. Accounts Receivable C. Notes Receivable D. Prepaid Insurance
Answers (1)
Intangible assets that have an indefinite useful life: a. Are those whose acquisition costs is not amortized over their useful life. b.
Answers (1)
What a primary cause of inflation
Answers (1)
Scenario 17-5. assume that a local restaurant sells two items, salads and steaks. the restaurant's only two customers on a particular day are mr. carnivore and ms. leafygreens. mr. carnivore is willing to pay $20 for a steak and $7 for a salad. ms.
Answers (1)
New Questions in Business
An airline company is interested in the opinions of their frequent flyer customers about their proposed new routes. Specifically, they want to know what proportion of them plan to use one of their new hubs in the next 10 months.
Answers (1)
Taylor Bank lends Guarantee Company $92,811 on January 1. Guarantee Company signs a $92,811, 12%, nine-month note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is
Answers (1)
Why is it important to know the interest rate on your credit card? a) The higher the interest rate, the more money you will be paying back b) The higher the interest rate, the less money you will be paying back c) The lower the interest rate, the
Answers (2)
It is appropriate to use the fixed assets turnover ratio to appraise firms' effectiveness in managing their fixed assets if and only all the firms being compared have the same proportion of fixed assets to total assets. a) trueb) false
Answers (1)
Which of the following actions differentiates an entrepreneur from other small business owners?
Answers (1)