Question
Alamos Co. exchanged equipment and $17,300 cash for similar equipment. The book value and the fair value of the old equipment were $81,500 and $90,200,
| Alamos Co. exchanged equipment and $17,300 cash for similar equipment. The book value and the fair value of the old equipment were $81,500 and $90,200, respectively. |
| Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of: |
Multiple Choice
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$ 8,700.
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$26,000.
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$(8,700).
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$ 0.
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Financial Accounting
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th Edition
1118725786, 978-1118725788
