RyannLambertt1957 RyannLambertt1957

27-12-2022
Business

Answered

Below is information relative to an exchange of similar assets by Global Corp. Assume the exchange has commercial substance.
Old Equipment: Book Value Fair Value Cash Paid
Case A $50,000 $60,000 $15,000
Case B $40,000 $35,000 $8,000
27. In Case A, Global would record the new equipment at:
A. $75,000.
B. $50,000.
C. $65,000.
D. $60,000.
28. In Case B, Global would record a gain/(loss) of:
A. $3,000.
B. $(5,000).
C. $5,000.
D. $(3,000).

Answer :

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