Question 21 Not yet Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emporia Hotel and build a new luxury hotel on the site. The cost of the Emporia Hotel should be answered Marked out of 1.00 Flag question Select one: a. written off as loss in the year the hotel is torn down. b. depreciated over the period from acquisition to the date the hotel is scheduled to be torn down. c. capitalized as part of the cost of the new hotel d. capitalized as part of the cost of the land. Question 23 Not yet answered The cost of a non-monetary asset acquired in exchange for another non-monetary asset and the exchange has commercial substance is usually recorded at Marked out of 1.00 P Flag question Select one: a. the fair value of the asset given up, and a gain or loss is recognized. b. the fair value of the asset received if it is equally reliable as the fair value of the asset given up. c. either the fair value of the asset given up or the asset received, whichever one results in the largest gain (smallest loss) to the company. d. the fair value of the asset given up, and a gain but not a loss may be recognized