Question
Barajas LLC exchanged land used in its business for some new land. Barajas originally purchased the land it exchanged for $33,000. The new land had
Barajas LLC exchanged land used in its business for some new land. Barajas originally purchased the land it exchanged for $33,000. The new land had a fair market value of $37,500. Barajas also received $7,000 of office equipment in the transaction. What is Barajas's recognized gain or loss on the exchange?
$0
$7,000
$4,500
$11,500
None of the choices are correct.
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Managerial Accounting
Authors: John Wild, Ken Shaw
5th edition
978-1259176494, 1259176495, 978-1259347641, 1259347648, 978-0078025600
