× = [7 7]

question 39

True/False

× = [7 7]

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Definitions:

Boot

Additional value or cash that balances the value of the assets being traded in a barter or exchange transaction.

Fair Market Value

Fair Market Value is the estimated price at which an asset would change hands between a willing buyer and seller, neither being under compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

Book Value

The value of an asset according to its balance sheet account balance, calculated by subtracting accumulated depreciation from the asset's original cost.

Boot

Additional cash or property included in a transaction to even out a trade or exchange of dissimilar assets.