ACME Co Paid $110,000 for the Net Assets of Comb Corp

question 16

Multiple Choice

ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet:

-Refer to ACME Co. and Comb Corp. What amount of gain (loss) on disposal of a business should Comb Corp. recognize?

• A) Gain of $30,000
• B) Gain of $60,000
• C) Loss of $30,000
• D) Loss of $60,000

Recognize alternative dispute resolution methods and their role in the legal process.

Understand the mechanisms for enforcing court judgments and orders.

Identify the procedural devices aimed at early case resolution, including motions to dismiss and for summary judgment.

Comprehend the use of class actions in addressing collective legal grievances.

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Definitions:

Usage Fee

A charge imposed for using a particular service or facility, typically structured according to the extent or duration of use.

Efficient

Characterized by achieving a desired outcome with the least wasted effort or resources.

Clean Water

Water that is free from pollutants, contaminants, and harmful microorganisms, safe for consumption and suitable for use in various domestic and industrial activities.

Property Right

A legal right or privilege, granted by law, to use, control, and derive benefits from a resource or property.