Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 08, 2024

Amble Inc. exchanged a truck with a carrying value of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The transaction

Amble Inc. exchanged a truck with a carrying value of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The transaction lacks commercial substance. At what amount should Amble record the truck received in the exchange?

I thought the answer was 17,000 (12k+5k), but it was wrong. Please help!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics And Its Application

Authors: Walter Nicholson, Christopher M. Snyder

13th Edition

0357133064, 978-0357133064

More Books

Students also viewed these Accounting questions

Question

★★★★★

How do arbitrageurs help ensure that exchange rates are the same in markets around the world?

Answered: 1 week ago

Question

★★★★★

This week we reviewed Budgetary Accounting and the budgeting process. As defined in your text, appropriations are "an authorization for administrators to expend financial resources on behalf of the...

Answered: 1 week ago

Question

★★★★★

Using the Birth Weight data set, (a) estimate the percentage of low birth weight babies for mothers who are white (Race = 1), say ????W. (b) estimate the percentage of low birth weight babies for...

Answered: 1 week ago

Question

★★★★★

Refer to the information in Exercise 5- 21. Suppose that Alpaca uses the FIFO method instead of the weighted- average method in all of its departments. 1. Calculate equivalent units of direct...

Answered: 1 week ago

Question

★★★★★

According to the text, to effectively deal with corruption, a country ___________________ particularly its governing process. In addition, if the governing process is characterized by...

Answered: 1 week ago

Question

★★★★★

Statement of Jurisdiction and Facts of the case Mathis peters wishes to file complaint against Belgium with them the European Court of human rights. Belgium has been a party to the European...

Answered: 1 week ago

Question

★★★★★

The following fact pattern applies to questions 1 and 2. Brigid entered into a contract with L. Marcus Marine ("LMM") to perform repairs and updates to her sailboat for $15,000. The work was to be...

Answered: 1 week ago

Question

★★★★★

An SLA manager compares the usage of a system against: Question 1Select one: a. A pay-per-use measurement repository b. An SLA monitor agent c. A quality-of-service measurement repository d. A...

Answered: 1 week ago

Question

★★★★★

an 1800 kg vehicle travelling at 60.0km/h smashes into a concrete barrier and stops in 0.420s what is the magnitude of the collision force on the vehicle

Answered: 1 week ago

Question

★★★★★

Flo's Deli is determining how to ensure that their current process of serving customers during lunch rush is adequate. Which of the following is an example of how the restaurant can monitor its...

Answered: 1 week ago

Question

★★★★★

Is there any dispute that this is the cause?

Answered: 1 week ago

Question

★★★★★

12.1 Explain the concept of employment at will. Describe the concept of discipline and summarize disciplinary action.

Answered: 1 week ago

Question

★★★★★

Describe transfers, promotions, resignations, and retirements as factors involved in internal employee relations.

Answered: 1 week ago

Previous Question Next Question