Multiple Choice
An entity acquired an item of plant in exchange for an item of equipment. The equipment has a carrying amount of $15 000 and a fair value of $20 000. The journal entry to record the acquisition of the plant will show:
A) a loss on acquisition of $5000.
B) a gain on sale of $5000.
C) proceeds on sale of equipment of $15 000.
D) proceeds on sale of plant of $15 000.
Correct Answer:
Verified
Correct Answer:
Verified
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