Laroche Co

question 13

Multiple Choice

Laroche Co.exchanged similar nonmonetary assets with Karr Co.No cash was exchanged.The carrying amount of the asset surrendered by Laroche exceeded both the fair value of the asset received and Karr's carrying amount of that asset.Laroche should recognize the difference between the carrying amount of the asset it surrendered and

• A)the fair value of the asset it received as a loss.
• B)the fair value of the asset it received as a gain.
• C)Karr's carrying amount of the asset it received as a loss.
• D)Karr's carrying amount of the asset it received as a gain.

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Definitions:

Repeated Addition

Repeated addition is the process of adding the same number multiple times, which is a foundational principle behind multiplication.

Repeated Multiplication

The process of multiplying a number by itself a specified number of times.

Simplest Form

An expression or fraction reduced to its most basic form, such that no further simplification is possible.

Exponential Form

A mathematical expression where a number is written as the base raised to a specific power or exponent, representing repeated multiplication.