d Gutierrez Company is constructing a building. Construction began in 2015 and the building was completed 12/31/15. Gutierrez made payments to the construction company of $1,500,000 on 7/1, $3,300,000 on 9/1, and $3,000,000 on 12/31. Average accumulated expenditures were Select one: a. $1,850,000. b. $4,800,000. c. $7,800,000. O d. $1,575,000. Previous page Next page Return to: General > Equipment that cost $81,000 and has accumulated depreciation of $30,000 is exchanged for equipment with a fair value of $48,000 and $12,000 cash is received. The exchange has commercial substance. The gain to be recognized from the exchange is a. Select one: $9,000 gain. b. $6,000 gain. C. $21,000 gain. d. $12,000 gain. Previous page Next page Return to: General Interest revenue earned on specific borrowings for qualifying assets Select one: a. reduces interest expense reported on the income statement. O b. None of these answer choices are correct. c. increases equity in the period earned. d. reduces the cost of the qualifying asset. Previous page Next page Return to: General >