Robards Services Exchanged an Asset with a Cost of $24

question 43

Multiple Choice

Robards Services exchanged an asset with a cost of $24, 000 (now 40% depreciated) for a nonmonetary asset worth $12, 000.Robards received $2, 000 boot.In the entry to record this exchange, Robards should record

• A)a $10, 000 loss
• B)a $400 gain
• C)no gain or loss
• D)a $400 loss

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Definitions:

Perceived Needs

Individual’s awareness and personal interpretation of necessities and requirements for well-being.

Learned Through Observation

Describes the process of acquiring knowledge or skills by watching the actions or behaviors of others.

Incongruence

A discrepancy between an individual's self-concept and their actual experience, often leading to discomfort and psychological stress.

Conditional Love

Affection and regard that are dependent on meeting certain conditions or standards set by the giver.