ACME Co Paid $110,000 for the Net Assets of Comb Corp

Multiple Choice

ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet: What is the amount of gain or loss on disposal of business should Comb Corp. recognize?

A) Gain of $60,000
B) Gain of $60,000.
C) Loss of $30,000
D) Loss of $60,000