Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. horton stores exchanged land and cash of $5,600 fo

Horton Stores exchanged land and cash of $5,600 for similar land. The book value and...

80.2K

Verified Solution

Question

Accounting

Horton Stores exchanged land and cash of $5,600 for similar land. The book value and the fair value of the land were $88,900 and $100,600, respectively.

Assuming that the exchange lacks commercial substance, Horton would record landnew and a gain/(loss) on exchange of assets in the amounts of:

Land Gain/(loss)

a.$106,200 $0

b.$106,200 $11,700

c.$94,500 $0

d.$94,500 $11,700

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Two sides of a triangle for the third side measure 4 and 9. What are...

Geometry
Q

Scenario Modeler’s prospective stock has a 15% chance of producing a 65% return, a 25% chance...

Finance
Q

An ideal diatomic gas under goes a process in which internal energy changes with volume...

Physics
Q

Given: G = 6.67259 x 10- Nm/kg.A 1220 kg geosynchronous satellite orbits a planet similar...

Physics
Q

hrw8c13p45 Our Sun with mass 2 00 1030 kg revolves about the center of the...

Physics
Q

3 Using the data provided above calculate the gastrointestinal GI illness attack in persons who...

Algebra
Q

17 Sachin purchased a joint and last survivor tife annuity with...

Accounting
Q

Which accounting principle requires that expenses be recorded when incurred, regardless of when they...

Accounting
Q

Cottage Co. deposits all cash receipts on the day when they are received and it...

Accounting
Q

Wesley Power Tools manufactures a wide variety of tools and accessories. One of its more...

Accounting
Q

Characterize the errors made by William Blackwell and Madison Wells as either "honest mistakes," negligence,...

Accounting
Q

Perit Industries has $180,000 to invest in one of the following two projects: The working...

Accounting