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38-41. X Corporation exchanged a warehouse located in New York for a warehouse located in...

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Accounting

38-41. X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey. The adjusted basis of the New York warehouse was $30,000. The fair market value of the New Jersey warehouse just prior to the exchange was $25,000. In addition to the warehouse, X Corporation also received $8,000 in cash.

The amount realized by X Corporation is: Group of answer choices

a. $8,000

b. $33,000

c. $25,000

d. Zero

e. None of the above Flag question: Question 3

39 Question 391.5 pts The gain realized by X Corporation is:

Group of answer choices

a. $5,000

b. Zero

c. $3,000

d. None of the above

40 Question 401.5 pts The gain recognized by X Corporation on the exchange is:

Group of answer choices

a. $8,000 b.

$3,000

c. Zero

d. None of the above

41 Question 411.5 pts The basis for X Corporation in the property received, the warehouse in New Jersey, is:

Group of answer choices

a. $33,000

b. $30,000

c. $25,000

d. None of the above

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