On May 15, 2016, January Company acquired a new forklift in exchange for an old forklift that it had acquired in 2006. The old forklift was purchased for $20,000 and had a book value of $5,000. On the date of the exchange, the old forklift had a market value of $6,000. In addition, Retread paid $18,000 cash for the new forklift, which had a list price of $25,000. It is expected that future cash
flows will not change. At what amount should Retread record the new forklift for financial accounting purposes?
A) $23,000
B) $24,000
C) $20,000
D) $25,000
B
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The heading of a work sheet might include the line "As of December 31, 20xx."
Indicate whether the statement is true or false
Kragle Corporation reported the following financial data for one of its divisions for the year; average invested assets of $470,000; sales of $930,000; and income of $105,000. The investment center profit margin is:
A. 447.6%. B. 50.5%. C. 22.3%. D. 197.9%. E. 11.3%.
Ethical issues that may arise in projects large and small include:
A) gifts from contractors. B) exaggerated expense reports. C) compromised quality standards to meet bonuses or avoid penalties related to schedules. D) pressure to mask delays with false status reports. E) all of the above.
Which of the following does not necessarily make material obscene?
a. The average person finds that it violates contemporary community standards. b. The work taken as a whole appeals to a prurient interest in sex. c. The work shows patently offensive sexual conduct. d. The work shows animals mating.