Multiple Choice
In October 2014,Pollock Company exchanged a used packaging machine having a book value of $240,000 for a new machine and paid a cash difference of $30,000.The market value of the used packaging machine was determined to be $280,000.The exchange had commercial substance.In its income statement for the year ended December 31,2014,how much gain should Pollock recognize on this exchange?
A) $0
B) $10,000
C) $30,000
D) $40,000
Correct Answer:
Verified
Correct Answer:
Verified
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