Daniella exchanges business land with a $100,000 adjusted basis for $10,000 cash and business land with a $96,000 FMV. What is the amount of gain recognized on the exchange?
A. $4,000
B. $10,000
C. $6,000
D. $0
Answer: C
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All of the following statements are true except:
a. U.S. standards do not require a classified balance sheet. b. IFRS require companies to present classified balance sheets. c. Under IFRS, an unclassified balance sheet based on the order of liquidity is acceptable only when it provides more reliable information than a classified one. d. U.S. standards require a classified balance sheet with liabilities in order by size or by order of liquidity.
On the balance sheet, a company reports plant assets by subtracting residual value from the original cost of the plant asset
a. True b. False Indicate whether the statement is true or false
The following represents a sentence fragment: With a solid idea and careful planning
Indicate whether the statement is true or false
During logical database design, you must account for every data element on a system input or output form or report and on the ________
A) E-R diagram B) Conceptual design C) Physical design D) Logical design