On May 15, 2010, Retread Company Acquired a New Forklift

question 74

Multiple Choice

On May 15, 2010, Retread Company acquired a new forklift in exchange for an old forklift that it had acquired in 2000.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.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

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Definitions:

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