Multiple Choice
Apha Limited acquired the net assets of Beta Limited. Alpha Limited provided an item of equipment as part of the consideration. The fair value of the equipment was $26 000. It cost $40 000 and had a carrying amount of $24 000. Which of the following entries appropriately reflects the gain or loss on the equipment?
A) DR Loss on sale $2000
B) CR Loss on sale $2000
C) CR Gain on sale $2000
D) Dr Gain on sale $2000.
Correct Answer:
Verified
Correct Answer:
Verified
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