Question
Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $80,400 and $90,100,
Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $80,400 and $90,100, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of:
Multiple Choice
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$(9,700).
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$9,700.
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$27,700.
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$0.
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
IFRS Edition
978-1118443965, 1118800532, 9781118800539, 978-0470873991
