Amble, Inc. exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for a truck and $4,000 cash. The fair value of the truck received was $16,000. At what amount should Amble record the truck received in the exchange under U.S. GAAP? a. $12,000 b. $13,600 c. $16,000 d. $9,600 4 On July 1, Year 1, Balt Co. exchanged a truck for 25 shares of Ace Corp.'s common stock. On that date, the truck's carrying amount was $2,500, and its fair value was $3,000. Also, the book value of Ace's stock was $60 per share. On December 31 , Year 1 , Ace had 250 shares of common stock outstanding and its book value per share was $50. What amount should Balt report in its December 31 , Year 1 balance sheet as investment in Ace assuming the transaction had commercial substance? a. $1,500 b. $3,000 c. $1,250 d. $2,500 5 On January 1, Feld traded a delivery truck and paid $10,000 cash for a tow truck owned by Baker. The delivery truck had an original cost of $140,000, accumulated depreciation of $80,000, and an estimated fair value of $90,000. Feld estimated the fair value of Baker's tow truck to be $100,000. The transaction had commercial substance. What amount of gain should be recognized by Feld? a. $0 b. $30,000 c. $3,000 d. $10,000