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

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