Mariano County Traded in a Used Pickup for a New

question 56

Multiple Choice

Mariano County traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old pickup had a fair value of $26,000, historical cost of $45,000, and accumulated depreciation of $18,000. The dealer took the old truck and $15,000 for the new truck.
-The amount of gain or loss that should be recognized on this transaction in the general fund financial statements is:

• A) $0.
• B) $1,000 loss.
• C) $4,000 gain.
• D) $15,000 loss.

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Definitions:

Dividend Yield

An indicator showing the comparative annual dividends paid by a company against its stock price.

Industry Comparison

Industry Comparison involves evaluating the performance, strategies, and metrics of companies within the same sector to gauge competitive standing and trends.

High-Risk

Describing investments or entities that offer the potential for higher returns but with a higher likelihood of loss or volatility.

Low-Risk

Refers to investments or financial situations that are expected to have a minimal chance of loss or decrease in value.