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:

Sulfur

A yellow, nonmetallic element that exhibits a characteristic smell and plays a vital role in the chemical industry.

Antimony

A brittle, lustrous gray metalloid used in alloys, flame retardants, and electronics, represented by the symbol Sb and atomic number 51.

Silicon

A chemical element with symbol Si and atomic number 14, known for its semiconductor properties in electronics.

Metals

Elements that are typically hard, shiny, malleable, fusible, and ductile, with good electrical and thermal conductivity.