Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. alamos co. exchanged equipment and $18,700 cash fo

Alamos Co. exchanged equipment and $18,700 cash for similar equipment. The book value and the...

50.1K

Verified Solution

Question

Accounting

Alamos Co. exchanged equipment and $18,700 cash for similar equipment. The book value and the fair value of the old equipment were $81,400 and $90,800, respectively. Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) of:

$(9,400).

$ 9,400.

$ 0.

$28,100.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Research paper on: Features and benefits of condensing oil furnaces, in one paragraph

Mechanical Engineering
Q

3. Suppose that a divide and conquer algorithm for multiplication of n x n matrices is...

Advance Math
Q

During the Great Depression what was the major cause of people losing their homes Fires...

Biology
Q

Sson Posttest Question 10 Points 1 The ratio of the side lengths of the corresponding...

Geometry
Q

Lesson 16 2 Checkpoint Once you have completed the above problems and checked your solutions...

Geometry
Q

Verify the identity sin x sin x cot x csc x Choose the sequence of...

Basic Math
Q

Homework C255 Question 2 of 10 1 point 1

Calculus
Q

Find the partial sum S12 for the arithmetic sequence with a = 6, d= 7.S12

Algebra
Q

In a volcano erupting lava flows continuously through a tube system about 16 kilometers to...

Algebra
Q

Waterways is considering mass-producing one of its special-order screens. This would increase variable costs for...

Accounting
Q

Imperial Jewelers manufactures and sells a gold bracelet for $401.00. The company's accounting system says...

Accounting
Q

You purchase 25 call option contracts on Blue Ox stock. The strike price is $22,...

Accounting