Question 6 Not yet anaw Points out of a Flag question Fullerton Co. paid $150,000 for the net assets of Irvine Co. At the time of the acquisition the following information was available related to Irvine's balance sheet Book Value Fair Value Current Assets $50,000 $50,000 Building 80,000 100,000 Equipment 40,000 50,000 Liabilities 50,000 30,000 What amount of gain (loss) on disposal of a business should Irvine Co. recognize? Select one: a. Gain of $20,000 b. Loss of $20,000 c. Loss of $30,000 O d. Gain of $30,000