Colt Football Co

question 136

Multiple Choice

Colt Football Co. had a player contract with Watts that is recorded in its books at $5,600,000 on July 1, 2014. Day Football Co. had a player contract with Kurtz that is recorded in its books at $7,000,000 on July 1, 2014. On this date, Colt traded Watts to Day for Kurtz and paid a cash difference of $700,000. The fair value of the Kurtz contract was $8,400,000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Colt's books at

• A) $6,300,000.
• B) $7,000,000.
• C) $7,700,000.
• D) $8,400,000.

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Definitions:

Jigsaw Classroom

An educational approach designed to minimize racial conflict among school children by promoting cooperation and understanding in ethnically diverse classrooms.

Prejudice

A preconceived opinion or judgment about someone or something that is not based on reason or actual experience, often stemming from stereotypes.

Ethnic Backgrounds

References to a person's ancestry or culture, often related to nationality, language, religion, and other social factors that demonstrate a shared communal identity.

Attractive Speaker

An individual perceived as appealing or pleasing in their manner of speaking, often influencing audience engagement and reception.