Use the Following Information for Questions 110 and 111

question 75

Multiple Choice

Use the following information for questions 110 and 111.
Equipment that cost $220,000 and has accumulated depreciation of $100,000 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance.
-The new equipment should be recorded at

• A) $160,000.
• B) $120,000.
• C) $100,000.
• D) $96,000.

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Definitions:

Colored Women

An outdated term historically used to refer to women of non-white or mixed racial heritage, now considered derogatory and no longer in appropriate use.

Talented Tenth

A term popularized by W.E.B. Du Bois referring to the supposed ten percent of African Americans who could lead the race to greater advancements through higher education and intellectual achievement.

Niagara Movement

An early 20th-century African-American civil rights group advocating for political, civil, and social rights, precursor to the NAACP.

Educated Blacks

Refers to African Americans who have attained formal education, particularly during times when access to education for Blacks was severely restricted.