Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. b. c. d. question 17 2.5 pts bloomington inc. exch

b. C. d. Question 17 2.5 pts Bloomington Inc. exchanged land for equipment and $2100...

50.1K

Verified Solution

Question

Accounting

image
image
b. C. d. Question 17 2.5 pts Bloomington Inc. exchanged land for equipment and $2100 in cash. The book value and the fair value of the land were $104,000 and $88,500, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) on exchange of assets in the amounts of: Equipment Gain/(loss) $ 2100 $ (2100) $ (15,500) $ 86,400. $ 104,000 $ 86,400 None of these answer choices are correct. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/loss) on exchange of assets in the amounts of: Equipment Gain/(loss) a. $ 86,400 $ 2100 b. $ 104,000 $ (2100) $ 86,400 $ (15,500) None of these answer choices are correct. d. Option A O Option B O Option C O Option D

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students