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11. In recording exchanges of assets, which statement is not true? a. When boot is received for a similar asset, a loss is recognized in

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11. In recording exchanges of assets, which statement is not true? a. When boot is received for a similar asset, a loss is recognized in full while a gain is recognized in proportion to the boot received. b. When the fair market value of a dissimilar asset being surrendered is less than its book value, the cost of the asset acquired is equal to the fair market value of the asset surrendered less boot received. c. When the fair market value of a dissimilar asset being surrendered is greater than the book value, the cost of the asset acquired is equal to the book value of the asset surrendered plus boot received less gain recognized d. When boot is paid for a similar asset, a gain is not recognized and a loss is recognized in full. 12. Sansoni Services exchanged an asset with a cost of $20,000 (now 30% depreciated) for a similar asset worth $18,000. Sansoni received $2,000 boot. In the entry to record this exchange. Sansoni should record a. a $6,000 gain b. a $600 gain c. no gain or loss d. a $600 loss 13. Outboard Marina exchanged a boat with a cost of $20,000 (now 75% depreciated) for a similar boat with a current fair value of $7,000. No boot was paid or received. Outboard should record the new boat at a. $ 5.000 b. S15,000 C. $ 7.000 d. $20.000 14. Anoy, Inc., exchanged a truck that cost $30,000 (now 50% depreciated) for a similar track with an appraised value of $25,000. Anoy paid boot of S6,000. Anoy should record the new truck at a $25,000 b. $30,000 c. $21.000 d. $31.000 15. Which of the following events is most appropriately recorded as a reduction to accumulated depreciation? a. an addition that increases the anticipated benefits of the old asset b. an improvement that extends an asset's useful life an improvement that increases the asset's expected benefits beyond that originally expected d. a replacement of a better asset for the one currently used c

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