Edit My.UTEP -KPMG-Excel-AR.pdf- xYDKPMG-Excel-AR.pdf ×VMRecibidos (8)-isaac? Co

Question

Edit My.UTEP -KPMG-Excel-AR.pdf- xYDKPMG-Excel-AR.pdf ×VMRecibidos (8)-isaac? Connect x . ? https://newconnect.mheducation.com/flow/connect.html AppS O Pink Floyd - Anothe GO https://www.netnix P htps://my.utep.edu o Vortex Disk https //cartoonhd.c http I/9cartoon.me Ch. 10 Assessment Help Save& Exit Submit Saved 8 Bloomington Inc. exchanged land for equipment and $3,500 In cash. The book value and the fair value of the land were $104,300 and $89,300, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) of 02:23:59 Gain/(loss) $ 3,500 a. b. C. d. Equipment $85,800 $104,300 $ 85,800 None of these answer choices are correct. (3,500) $ (15,000) Multiple Choice Option A Mc Graw Hill

Explanation / Answer

As book value of asset is 104,300 and fair value of asset is 89,300

So that means asset is goint down by 104300-89300= 15000

So loss of 15000

and value of equipment = 89300 - 3500 = 85800

So correct answer is C

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.