Tommys Tubas, a musical instrument company, acquired a bundle of instruments for a lump-sum purchase price. The relative fair values of individual instruments acquired in a lump-sum purchase are used to determine the valuation of each of the instruments acquired.

Group of answer choices

True

False

2. Liberty Restoration exchanged an old gutter machine for a new one. The gain or loss on a normal exchange of this nature (a non-monetary exchange of the gutter machines) equals the difference between fair value and book value of the old gutter machine given up.

Group of answer choices

True

False