dvanced Accounting Practice Test 2 - Chapters 1-3 Fall 2015 ultiple Choice with, the choice that best completes the statement or answers the question. 1. Apex Co. paid $110,000 for the net assets of Comet Corp. At the time of the acquisition the following information was available related to Comet's balance sheet:What is the amount of gain or loss on disposal of business should Comet Corp. recognize? a. Loss of $60,000 b Loss of $30,000 c. Gain of $60,000 d. Gain of $60,000