Question
Horton Stores exchanged land and cash of $4,400 for similar land. The book value and the fair value of the land were $90,000 and $100,400,
Horton Stores exchanged land and cash of $4,400 for similar land. The book value and the fair value of the land were $90,000 and $100,400, respectively. Assuming that the exchange has commercial substance, Horton would record land-new and a gain/(loss) of:
| Land | Gain/Loss | |
| A | 94,400 | 10,400 |
| B | 104,800 | 0 |
| C | 94,400 | 0 |
| D | 104,800 | 10,400 |
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Understanding And Auditing Corporate Culture A Maturity Model Approach
Authors: Angelina K. Y. Chin, CIA, CRMA, CPA
1st Edition
1634540719, 978-1634540711
