When Plant Assets Are Exchanged,the Gain or Loss on the Exchange

question 151

Multiple Choice

When plant assets are exchanged,the gain or loss on the exchange equals:

• A)the difference between the fair value and the book value of the asset received.
• B)the difference between the fair value and the book value of the asset given up.
• C)the fair value of the asset received plus the cash paid.
• D)the fair value of the asset given up plus the cash paid.

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