Question
Horton Stores exchanged land and cash of $4,700 for similar land. The book value and the fair value of the land were $88,900 and $101,100,
Horton Stores exchanged land and cash of $4,700 for similar land. The book value and the fair value of the land were $88,900 and $101,100, respectively.
Assuming that the exchangehascommercial substance, Horton would record landnew and a gain/(loss)on exchange of assets in the amounts of:
LandGain/(loss)a.$105,800$0b.$105,800$12,200c.$93,600$0d.$93,600$12,200
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MIS Management Information Systems
Authors: Hossein Bidgoli
8th edition
978-1337406932, 1337406937, 978-1337406925, 1337406929, 978-0357004357
