7. The following information pertained to Azur Co. for the year: Purchases Purchase Discounts Freight-In Freight-Out Beginning Inventory Ending Inventory $102,800 10,280 15,420 5,140 30,840 20,560 Which amount should Azur Report as cost of goods sold for the year? A $107,940 B $118,220 C $123,360 D $128,500 8. Ralph Co. and Aryne Co. exchanged similar plots of land with fair values in excess of carrying amounts. No other assets were included in the exchange. This transaction is considered to lack commercial substance. As a result of exchange, Ralph should recognize: A A gain equal to the difference between the fair value and the carrying amount of land given up. B A gain in amount determined by the ratio of cash received to total consideration. C D A loss of in an amount determination by ratio of cash received to total consideration. Neither a gain nor loss. 9. Jambo, Inc. exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for a truck and $2,500 cash (boot). The cash flows from the new truck are not expected to be significantly different from the cash flows of the old truck. The fair value of the truck received is $17,500. At what amount should Jambo record the truck received in the exchange? A $8,000 B $10,500 C $17,500 D $20,000