Multiple Choice
A company exchanges its old office equipment and $80000 for new office equipment. The old office equipment has a book value of $56000 and a fair value of $40000 on the date of the exchange. The cost of the new office equipment would be recorded at
A) $136000.
B) $120000.
C) $96000.
D) cannot be determined.
Correct Answer:
Verified
Correct Answer:
Verified
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