Multiple Choice
Use the following information for questions
Equipment that cost $66,000 and has accumulated depreciation of $30,000 is exchanged for equipment with a fair value of $48,000 and $12,000 cash is received.The exchange lacked commercial substance.
-The gain to be recognized from the exchange is
A) $4,800 gain.
B) $6,000 gain.
C) $18,000 gain.
D) $24,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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