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Meteor Motor Sales Exchanged a Car from Its Inventory for a Computer

Question 37

Multiple Choice

Meteor Motor Sales exchanged a car from its inventory for a computer to be used as a noncurrent operating asset.The following information relates to this exchange that took place on July 31,2014: Meteor Motor Sales exchanged a car from its inventory for a computer to be used as a noncurrent operating asset.The following information relates to this exchange that took place on July 31,2014: The exchange has commercial substance. On July 31,2014,how much profit should Meteor recognize on this exchange? A) $0 B) $8,000 C) $10,000 D) $13,000 The exchange has commercial substance.
On July 31,2014,how much profit should Meteor recognize on this exchange?


A) $0
B) $8,000
C) $10,000
D) $13,000

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