Gabrielle Inc. and Lucci Company have an exchange with no commercial substance. The asset given up by Gabrielle has a book value of 120,000 and a fair value of 135,000. The asset given up by Lucci has a book value of 220,000 and a fair value of 200,000. Boot of 65,000 is received by Lucci. What amount should Gabrielle record for the asset received? Select one: O a. 200,000 b. 135,000 c. 185,000 d. 110,000 Previous page Next pag Return to: General -> On 1/7/2015 Rojas Company purchased for $560,000 a mine estimated to contain 2 million tons of ore the company paid for drilling 20,000$ and it expects to pay 20,000 as restoration cost during 2015 the company extracted 500,000 tons and sold 200,000.the book value of the mine at the end of 2015 will be: Select one: a. 60,000 b. 150,000 C. 540,000 d. 450,000 Previous page Next page Return to: General > Lee Company received an HK$1,800,000 subsidy from the government to purchase manufacturing equipment on January, 2, 2015. The equipment has a cost of HK$3,000,000, a useful life a six years, and no salvage value. Lee depreciates the equipment on a straight-line basis. If Lee chooses to account for the grant as deferred revenue, the grant revenue recognized will be: Select one: a. HK$500,000 per year for the years 2015- 2020. b. HK$300,000 per year for the years 2015- 2020. O c. Zero in the first year of the grant's life. O d. $HK1,800,000 in 2015. Previous page Next page Return to: General >